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European stocks stand still
On Friday, European stocks didn’t change, but they were braced for concluding June with their greatest monthly loss in one year because concerns over tightening monetary conditions affected the mood.
The pan-European STOXX 600 index was intact, while euro zone blue chips STOXX50E gained 0.1%, while Britain’s key benchmark dipped 0.3%.
The STOXX has slumped more than 2% in June after four months of profits because of easing political concerns in the euro zone as well as brightening economic prospects.
This week hawkish remarks from key bankers underpinned bond yields and the common currency sparked a broad sell-off, with shares, which traditionally derive benefits from lower rates as well as export-oriented companies especially under pressure.
On Friday, sectoral moves happened to be muted, with the gas and oil index SXEP showing the greatest sag, losing 0.6%, while banks SX7P edged up for the fifth day in a row.
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.