European markets had mixed open today, continuing the consolidation phase started last week, as investors try to gauge the market sentiment 10 days ahead of the G-20 meeting in Osaka. Traders are bracing for this week’s FOMC meeting (18th-19th of June) and the market expects a more dovish turn with a possible, but not likely, rate cut.
Photo by Maryna Yazbeck.
No significant price action is expected for the beginning of the week but some interesting moves are already happening on EU stocks, especially on airlines that are getting hit hard by rising oil prices: EasyJet -3.4%, Ryanair -3.3%, Air France -4.4% and -10.0% for Lufthansa. The Stoxx-50 index is trading higher after having confirmed the 3,380.0pts price level as a short-term support for the market. New targets are set towards 3,390.0pts/3,400.0pts then 3,415.0pts.