07 August 2017 at 11:38 GMT
- 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
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.