Article / 07 August 2017 at 11:38 GMT

Mid-session Europe: Equity rally pauses, USD performance mixed

Saxo Markets
  • European shares pause after last week’s rally
  • German June industrial output falls 1.1% m/m vs. expected small gain
  • Crude oil slips as further upside potential after July rally seems unlikely at this stage
  •  Opec and non-Opec producers meet in Abu Dhabi to discuss supply cut compliance.
  • USD performance mixed
Abu Dhabi
 Opec and non--Opec oil producers meet in Abu Dhabi to discuss 
compliance with production curbs. Photo: Shutterstock

By the Global Sales Trading Team

  • European stocks largely paused on Monday after last week’s impressive rally, with Germany's Dax 30 down 0.4%, while France’s CAC 40 edged up 0.1%.

  • Among the big decliners were PostNL NV and Paddy Power Betfair PLC, while Italian bank Banco BPM was among the Stoxx 600’s biggest gainers, up 3%, after posting in-line results and a strong outlook.

  • Miners' shares advanced as well, helped by a rally in iron ore prices. ArcelorMittal up 3%.

  • The US dollar's performance was mixed, with EURUSD finding technical support at the 10-day moving average.
  • German June industrial production fell 1.1% against expectations of small increase.
  • Crude oil prices slipped as further upside potential after the July rally seems unlikely at this stage. Opec and non-Opec producers meet in Abu Dhabi today to discuss supply cut compliance.

Please click on the attached PDF for the Saxo Bank Global Sales Team's overview of the mid-session movements seen in forex, equity, FX option, commodity, and bond markets.

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Mid-session Europe: August 7, 2017


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