Market Overview
US markets were closed, leading to a pullback in European indices, with real estate and tech sectors falling over 1%, while the mining sector rose, supporting the UK market for a second day.
UK key inflation indicators came in higher than expected, causing European bond prices to fall and yields to rise across the board, with the 2-year UK bond yield rebounding from a three-month low. Following the UK CPI report, the pound reached a daily high, and the dollar index turned negative.
US crude oil inventories are expected to rise for the third consecutive week, leading to a drop in oil prices, with Brent crude pulling back from a seven-week closing high. Gold edged lower. Zinc in London climbed for the third consecutive day to a one-week high, while copper continued to move away from a one-month low.
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