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European stocks slide on Thursday
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DE30 approaches 13,100 pts
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Powell's speech at 2:10 pm BST in the spotlight
Stocks in Europe are trading lower ahead of a speech from Fed Chief, Jerome Powell. Spanish and Italian equities lag the most while Swedish and Dutch stocks are the most resilient. Powell will speak at 2:10 pm BST and is expected to give hints on the scope of monetary policy framework review. Apart from that, a revised Q2 GDP report from the United States will be released at 1:30 pm BST and may provide some additional volatility.
DE30 caught a bid yesterday and managed to break above the previous local high. However, the upward move was halted at 13,240 pts and the index began to pull back. Traders should keep in mind that speech from Jerome Powell is the main risk event scheduled for today and it may have a huge impact on equities. Swing level at 13,100 pts is the near-term support to watch with the more important one being located at 13,000 pts. Source: xStation5
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