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European shares go down ahead of risk events
On Tuesday, European shares traded lower because market participants opted for a risk-off stance amid ongoing global uncertainty.
The benchmark Euro Stoxx 50 went down 0.56%, Germany’s DAX 30 slumped 0.44%, France’s CAC 40 decreased 0.33%.
In the European Union market players were quite cautious ahead of UK elections as well as the monetary policy decision by the ECB.
In Great Britain surveys widely expect the Conservative Party to outperform Labor, though some outlier polls point to the narrowing lead.
Additionally, crude prices kept moving down on worries that a diplomatic clash between Qatar and a number of Arab states including Saudi Arabia could ruin efforts by OPEC to tighten the crude market.
In the EU, energy stocks were mixed. French crude and gas major Total SA tumbled 0.11%, Italy’s ENI added 1.36%, while Norwegian counterpart Statoil acquired 0.34%.
Britain’s FTSE 100 went down 0.29% because mining stocks applied downward pressure on the commodity-heavy index.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.