Shares drifted lower this morning in Europe with banks and miners leading declines on the Stoxx-600 index. Last week’s strong “risk-on” mood isn’t dead, but investors preferred to take some profits following President Trump’s recent speech in which he said no agreement has been reached yet to cancel the tariffs with China. The turmoil in Hong Kong hasn’t helped market sentiment either as it underlined rising geopolitical tensions in the region.
Further market corrections are to be expected this week, especially if data disappoints like China did over the weekend. For now, the Stoxx-50 index opened significantly lower but stayed inside its short-term 30pts wide trading range after having registered a solid rebound over the 3,685pts zone.
