Summary:
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EMU inflation reached ECB’s target
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Significant gains across European stock markets
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US PCE inflation data to be released in the afternoon
Equity bulls from Europe will be pleased when they look at the quotation board. After a steep declines observed in the previous days major stock benchmarks from the region trade noticeably higher on Friday. Euro is the strongest currency among majors while the JPY pulls back amid increased risk appetite. On the commodity market we are observing minor gains of precious metals as well as major upside on Brent. The US PCE inflation reading and Canadian GDP report is going to be released in the afternoon.
Euro Area inflation accelerated in June reaching a magic 2% threshold and matching the median estimate built on economists’ forecasts. At the same time core inflation excluding the most volatile components such as food and energy ticked down to 1%, but it was in line with expectations as well. The euro largely brushed off the Eurostat report and held its gains.
European indices opened in green on the final trading day of the week. Major stock benchmarks from the Western Europe launched today’s trade over 1% higher. Italian stocks were top outperformers during the first minutes of European trade. All 19 industry subindices from the Euro Stoxx 600 index advance with biggest gains being seen among technology shares.
The most recent survey conducted by the Indian crypto exchange Buyucoin revealed quite surprising results. Namely, female traders in the country spend more than $2000 on average, while men invest just a half of this sum. The fallout comes from the trading data from the country’s largest cities and covers over 60k participants.
The shared currency spiked following the news coming from Belgium that the EU summit brought a deal on an immigration crisis, EU Council President Donald Tusk confirmed these revelations in a tweet. They agreed to set up joint asylum processing sites and restrict migrants’ moves with the block.
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