Stocks in Europe edged higher shortly after the market open, after little gains were registered almost everywhere Asia overnight, at the end of a week characterised by high uncertainty and low volatility. Poor data and difficult discussions on trade between Washington and Beijing are obscuring the visibility on markets. The most recent events haven’t helped, as President Trump said that any deal with China “must be on U.S. terms” while Beijing qualified the last round of U.S. tariffs as a “violation of accords” previously reached between the two blocs. Ahead of J.Powell’s intervention at the annual Jackson Hole meeting, traders now bet on more central bank loosening aimed at sustaining the economy and prevent a global recession.
At the moment stock markets are edging higher everywhere in Europe, with the Stoxx-50 index trading well above 3,290.0pts while the DAX-30 got back above the 11,500.0pts zone. However, the German index will face a strong technical resistance level at 11,540.0pts where a clearing could lead to higher tops, towards 11,615.0pts and 11,700.0pts by extension.
