European Market Update 31 Jul 2018

Posted by Tim Sholl on 31-Jul-2018 22:37:46

European investors have seen some stellar quarterly profits from Credit Suisse with net income rising 114% y/y and British Petroleum profit rose by 300% and it increased the dividend. Stock indices look positive and the economic numbers continue to be solid. Eurozone GDP has been released this morning and showed at 2.1% y/y (2.2% exp) with the rising energy costs boosting prices.

The US dollar has weakened in recent sessions in spite of solid fundamentals in US economy. This has helped the EUR to recent levels at 1.1735 up 30 , the GBP is at 1.3155 up 25 today from recent Brexit fear lows at 1.2960 , the JPY is weaker at 111.49 down 49.  Gold remains near recent lows at 1220.40.

Stock indices in Europe are mixed with the FTSE at 7754 up 53 , the CAC at 5500 up 9 , the MIB is at 22006 up 65 , while the DAX is at 12784 down 13

Bond yields have been mixed as well with lower yields in US 2.95% down 2 , the UK 1.34% down 1 , and Italian 2.77% down 2 , while Germany is at 0.45% up 5.

Daily Chart - Italian FTSE MIB Index - (Italy 40 . I) - Market looking to rally.


Topics: Trading, Market News, European Market Update