- European indices closed today's session in mixed moods, with Germany’s DAX, Italy’s FTSE MIB and Spain’s IBEX 35 finishing slightly below the flatline while London’s FTSE 100 and France’s CAC rose 0.89% and 0.40% respectively. Volatility was subdued as US markets are closed for the July Fourth holiday
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Energy, commodity and healthcare sectors recorded gains, while bank stock dropped over 1% after the Financial Times reported that the ECB is working on measures to stop banks earning billions of euros of extra profit from the ultra-cheap lending scheme it launched during the pandemic once it starts to raise interest rates later this month.
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Head of Bundesbank Joachim Nagel warned the ECB against using monetary policy instruments to limit risk premia, as the central bank should focus on fighting inflation, which could require more rate hikes.
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WTI price rose over 2% to $110.50 a barrel, while Brent is approaching $114.00 per barrel, as supply worries continue to overshadow fears that potential recession will hurt demand. Output from 10 OPEC members dropped by 100K bpd to 28.52 million bpd last month, off their pledged increase of about 275K bpd, according to Reuters. Meanwhile, Libya's exports went down about 865K bpd compared to normal levels. Moreover, workers from the Norwegian energy sector ale planning to strike, which could lower daily production by 130K bpd.
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Gold fell to $1806 per pounce despite a slightly weaker dollar, while silver continues to trade below psychological support at $20.00 per ounce.
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AUD and NZD are the best performing major currencies while JPY and CHF lag the most;
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Cryptocurrencies prices rose slightly on Monday. Bitcoin is trading below $19,800, while Ethereum managed to break above $1100 level.
Gold price took a dive recently, however as long as the long-term upward trendline remains intact, another upward impulse could be launched. Source: xStation5
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