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European markets steeply slump amid selloff worldwide
On Monday’s start, European equities are anticipated to report huge losses because weakness observed in financial markets overseas puts pressure on market sentiment.
Britain’s FTSE 100 is supposed to dive 78 points hitting 7,364. The DAX is caught descending 150 points to 12,634, while the CAC 40 is braced for starting 63 points lower demonstrating 5,305. As for peripheral markets, in Italy FTSE MIB will most probably decline 237 points hitting 22,958.
European markets are geared up towards starting another trading week off on a downbeat note, right after key losses were reported around the globe. In the Asia-Pacific area financial markets dived across the board amid American equities reporting abrupt dips on Monday morning.
The moves in financial markets emerged after the Dow Jones industrial average slid 665.75 points concluding at 25,520.96.
Wall Street digested the latest jobs data from the US Labor Department on Friday that uncovered that in January America generated up to 200,000 jobs, surpassing a Reuters market experts’ survey of 180,000.
The nonfarm payrolls report observed interest rates rally, with the 10-year Treasury yield getting to a four-year maximum, after the labor report indicated that wages had edged up by 2.9% on an annualized basis. Therefore, the news intensified pressure to the world’s market sentiment.
On Monday, switching back to the European Union, earnings and politics are anticipated to keep market participants on alert.
Aside from that coalition talks between German conservatives lead by Chancellor Angela Merkel and the Social Democrats failed.
However, the Social Democrats ascertained that progress had been achieved and the two groups would proceed with their negotiations on Monday. Market participants will look ahead for any reports as to whether a pact can be reached. Evidently, German’s index was still pressured ahead of the start.
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Let’s look what moves the market today.
The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will be later at 15:30 MT time.
EUR and gold moved up