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Political tensions put EU equities on track for this year’s worst week
A sell-off among heavyweight basic resources equities added to the third day of losses for European equities, putting them on track for their worst trading week in 2017. It’s because ongoing political tensions dented shares around the globe.
The STOXX 600 lost 0.7%, taking its weekly dips to 2.4%, which is its worst outcome since early November 2016.
Euro zone equities as well as blue-chips also slumped 0.7%. Meanwhile, the miner-heavy FTSE underperformed – the given benchmark demonstrated a 0.8% loss.
The key European indicator of equity investor anxiety, Eurostoxx volatility leapt to a near four-month maximum, although it remained close to historically depressed levels.
Asian and American stock markets had managed to extend their sell-off overnight because a war of words between North Korea and America escalated.
On Friday, basic resource equities sank 2.6% hitting a month minimum because Chinese base metal prices collapsed on political pressures.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.