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European stocks stand still as Brexit impasse sinks in
On Wednesday, European stocks generally started flat due to the fact uncertainty dominated as for the UK’s plan to depart from the European Union, while no economic or corporate news turned out to be firm enough to shake the risk-off sentiment that spread from Asia overnight.
As a matter of fact, the pan-European STOXX 600 index headed south by 0.05%, having concluded the trading session 0.06% down on Tuesday because it became clear that Theresa May, UK Prime Minister would 100% lose a key vote in the country’s parliament on her orderly Brexit plan.
As for London's FTSE, it stood still too, heading south no more 0.1% due to the fact the British pound managed to recoup some of its losses from the previous trading marathon. The market value of the British pound accounted for $1.3142 in contrast with the outcome of $1.3060 recorded right after the vote. As for the currency pair EUR/GBP, it inched down to 0.8584.
Among individual equities, stocks in Germany's Adidas demonstrated the worst performance. Eventually, they went down by about 5.5% having announced that supply chain issues would have an impact on its sales surge in the first half of this year, and it’s especially true for North America.
Cash-rich Zara owner Inditex turned out to be another big loser. It headed south by about 4.7% having published annual gains a bit below experts’ expectations.
As for Wirecard, it became the third-biggest dive. Its stocks went down by nearly 4.3% due to the fact the company suspended an accounting staff member in Singapore against the backdrop of allegations of fraud as well as creative accounting.
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…