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European equities start lower ahead of fresh Brexit negotiations
On Monday, European equities started lower because market participants eyed a fresh round of Brexit negotiations due to burst out later in the day and as a stronger common currency kept weighing.
The EURO STOXX 50 sagged 0.70%, France’s CAC 40 dived 0.56%, Germany’s DAX 30 dipped 0.64%.
The single currency managed to strengthen after a speech by ECB Governor Mario Draghi at the Jackson Hole economic symposium dodged providing any fresh indication as to when the key bank might wind down its stimulus program, although acknowledged that the revival in the euro area is already gaining momentum.
The comments emerged after a speech by Fed Chair Janet Yellen didn’t make any references to monetary policy, thus disappointing some market participants who had hoped she would keep to rather a hawkish tone.
Financial stocks generally tumbled because French lenders Societe Generale as well as BNP Paribas lost 0.60% and 0.33% respectively. At the same time Germany’s Deutsche Bank along with Commerzbank decreased respectively 0.79% and 1.48%.
FTSE 100 dived 0.08% in London because a third round of Article 50 talks between Great Britain and the EU was set to start in Brussels later on Monday.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…