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European stocks finished the day lower
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Dow pressured by rebalancing flows
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Nasdaq fuelled by post-split rally in Apple and Tesla
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Euro gains in spite of German CPI miss
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WTI retested $43.50 but failed to break above
European stock market indices finished today's session lower with Spanish equities taking the biggest hit. However, the beginning of today's trading did not look that bad with most indices from the region starting the day with gains. Euro Stoxx 600 index erased 0.7% gain to finish 0.6% below Friday's close. Nevertheless, the broad European index managed to gain 2.9% during the month, making it the biggest August gain since 2009.
US indices launched today's cash session almost unchanged compared to Friday's closing prices. However, some weakness could be spotted later and S&P 500 seesawed near the 3,500 pts mark. Nasdaq gains 0.6% being fuelled by Tesla and Apple. Both companies book strong gains after performing stock splits after Friday's close. Dow Jones is a laggard and drops 0.8%. Weakness of this index can be ascribed to rebalancing that took effect today.
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Open account Try demo Download mobile app Download mobile appIn spite of German CPI for August missing estimates, euro is trading higher against most major peers. EURUSD is testing 1.1950 handle today but was unable to make a meaningful break above this hurdle so far. USD and JPY are top laggards while GBP has seen a muted trading amid UK banking holiday.
Oil has been on the rise today and WTI tested a post-pandemic peak near $43.50 in the first half of the day. However, as overall risk moods began to deteriorate and stocks started to drop, crude price followed lower. In turn, both Brent and WTI trade near unchanged levels on the day. Precious metals gained being led by silver. Gold climbed towards $1,970 while platinum lagged.
While today's calendar looked full, most of the releases scheduled were revisions. Neither Polish, nor Italian GDP report showed any major deviations from preliminary releases. Chinese PMI indices for August offered a mixed picture with the services sector showing improvement and manufacturing sector weakening.
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