EU benchmarks remain above major support levels
EUROPEAN SHARES
Equity markets pushed significantly higher at the start of the new trading week in Europe, paring some of last week’s pull-back, as bullish sentiment resurges.
Solid performances registered across all sectors this morning hint towards the end of the potential bearish correction brought by last week’s decreased appetite for riskier assets, after investors digested the prospect of longer hawkish monetary stances from central banks.
EU benchmarks remain above major support levels, keeping the prospect of higher levels alive in the short to mid-term at least. While today’s strong rebound will be welcomed, the fact most indices still trade inside their consolidation zone means we are not out of the woods yet, and investors are likely to remain cautious due to the uncertain macroeconomic environment and the effects of higher bond yields and the strong USD and EUR currencies on stock markets.
Investors will closely watch upcoming economic data releases, including CPI and GDP data from EU countries as well as a batch of PMI from major economic zones such as the US, China and the EU before driving stock markets significantly higher.
So far, all sectors are trading in the green in Europe, with top performances being brought by energy, financials and tech shares. The DAX-40 index has registered the most directional price action today, trading close to the 15,400.0pts mark following a rebound on its bullish trendline over 15,245.0pts.
Pierre Veyret– Technical analyst, ActivTrades
VANTAGE:DAX40
Equity markets pushed significantly higher at the start of the new trading week in Europe, paring some of last week’s pull-back, as bullish sentiment resurges.
Solid performances registered across all sectors this morning hint towards the end of the potential bearish correction brought by last week’s decreased appetite for riskier assets, after investors digested the prospect of longer hawkish monetary stances from central banks.
EU benchmarks remain above major support levels, keeping the prospect of higher levels alive in the short to mid-term at least. While today’s strong rebound will be welcomed, the fact most indices still trade inside their consolidation zone means we are not out of the woods yet, and investors are likely to remain cautious due to the uncertain macroeconomic environment and the effects of higher bond yields and the strong USD and EUR currencies on stock markets.
Investors will closely watch upcoming economic data releases, including CPI and GDP data from EU countries as well as a batch of PMI from major economic zones such as the US, China and the EU before driving stock markets significantly higher.
So far, all sectors are trading in the green in Europe, with top performances being brought by energy, financials and tech shares. The DAX-40 index has registered the most directional price action today, trading close to the 15,400.0pts mark following a rebound on its bullish trendline over 15,245.0pts.
Pierre Veyret– Technical analyst, ActivTrades
VANTAGE:DAX40
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