www.TheLFB-Forex.com The Forex Trader Portal
Current Futures: Dow +17.00, S&P +2.90, NASDAQ +3.25
European market advanced around the opening bell, but soon after the major indexes started retreating after a round of weaker than expected news reports hit the wires.
Currently, European shares are struggling to move around the break-even line, unable to add to the global theme of pushing higher this week. On Monday, the major European indexes finished the day up almost 2%, while the overnight Asian markets advanced 1.5%.
The European markets trimmed gains after a round of poor releases from the U.K. economy, including a report, which showed that the U.K. GDP contracted 2.4% in the first quarter, much more than expected. TheLFB-Forex.com Trade Team notes that the contraction seen in the U.K. economy in the first quarter is the strongest since 1958, while the U.K. economy contracted 4.9% in Q1 from one year earlier, the strongest pace on record. However, during the European session a release showed that U.K house prices rose in June for the third time in the last four months.
The German Dax and the U.K. FTSE traded on a relatively modest momentum during the overview session. Almost every sector traded within the range of the last few days, something that further confirms that the market is unable to expand into a strong trend at this point, TheLFB-Forex.com Trade Team commented.
Overnight, the U.K. FTSE fell 13.98 points (0.33%) to 4,280.05, while the German Dax declined 9.16 points (0.19%) to 4,875.93
Crude oil for July delivery was recently trading at $72.30 per barrel, higher by $0.80.
Gold for July delivery was recently trading up by $1.30 to $942.00.
TeamLFB provides forex related market analysis and trade signals