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Tech sector suppresses European equities on busy earnings day
On Friday, European stocks were led lower by tech equities because they tracked losses among global counterparts, reacting to an earning miss at Amazon. Meanwhile, a flurry of company results didn’t managed to ensure support.
The region's tech index, this year’s number one performer, lost 1.5%, assisting to put pressure on the pan-European STOXX 600, making it lose 1.1%. In the UK the FTSE 100 sank 0.5%, while lately penalized by a strong euro export-orientated German blue-chips went down 0.7%.
The STOXX is braced for concluding the month down 0.3%, with a weekly 0.5% dip.
France’ data disclosed that the euro zone's second-largest economy inched up 0.5%, just as expected, underpinned by a soar in exports.
As Thomson Reuters IBES data states, nearly 40% of companies in the MSCI Europe index have posted outcomes with 52%, thus defying earnings estimates. As for second-quarter earnings surge, it will probably account for 19.7%.
The market has started the week with a mixed sentiment…
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.