ECB's Lagarde speech in focus
Traders are closely monitoring a significant week for economic data, with today’s focus centred on President Lagarde’s speech
Christine Lagarde to take center stage before the Committee of Economic and Monetary Affairs of the European Parliament.
Losses in energy stocks impacted sentiment as Brent crude fell below $80.
MSCI's global stock index experienced a marginal decline of 0.08% after four consecutive weeks of gains.
On the Market Watch!
European shares were muted this Monday ahead of key speech by ECB president Christine Lagarde. While market sentiment was negatively affected as energy stocks fell, reacting to Brent crude falling below $80 a barrel.
Germany’s DAX continued to trade above 16,002. Technology shares were up 0.2% while Energy shares dragged further ahead of OPEC+ meetings this week.
MSCI's global stock index was recently down by 0.06% after a four-week consecutive climb, achieving a gain of approximately 8.7% for the month.
Investors are also eyeing out a hefty data week that includes US PCE, GDP, US consumer confidence figures, in addition to Powell’s speech on Friday and manufacturing PMIs from the US and the Eurozone.
On the same context, UBS investment strategists anticipate a sustained upward trend in tech stocks. Specifically, chip stocks, along with software and platform AI companies, as strongly positioned for 2024 and for 2025.
In commodities, Oil price slipped with Brent down almost 1% to $79.28 while WTI down to $74.39.
Gold prices rose past $2012, hovering close to a monthly high ahead of key economic indicators and weak economic data from China, signaling a decline in industrial profits.