European stocks opened mixed today, paring part of yesterday’s gains after economic data disappointed investors. Market appetite for riskier asset had been boosted following President Trump’s decision to delay the 10% tariff hike on the remaining $300bn of Chinese goods coming to US, a very unexpected decision in an uncertain climate on the financial markets. Beijing also confirmed talks were still on track with Washington after a “productive call” took place between the two blocs, confirming their willingness to stick to the September talks. However, investors remain very concerned by the negative effects this trade dispute is having around the globe as more and more poor economic data piles up: Chinese Industrial Production and Retail Sales disappointed traders while Germany showed a GDP contraction (-0.1%).
Traders will now wait for the European GDP release, due later today, and for the US Jobless claims data due tomorrow. In the meantime, earnings season continues with Tencent, Alibaba, Cisco, Nvidia, Swisscom and Carlsberg publishing their results today. Technically, the correction observed on European benchmark remains small for now, traders will have to wait for a break-out of strong technical levels to expect a deeper bearish move.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.