Quiet day for stocks as US markets shut for Independence Day

Chris Beauchamp IG

European stock indices drifted lower in low volume as US was shut for 4th of July holiday, says Axel Rudolph, Senior Market Analyst at online trading platform IG.

Lacklustre European equity session

“European equity indices did not benefit for long from a slightly positive Asian session as Australia kept its cash rate steady at 4.1%. European stock indices spent the day drifting lower in low volume as US markets were shut for Independence Day and as Germany's trade surplus narrowed to a five-month low."

Gradual recovery in the gold price continues

“The price of gold continues to recover from last week's sub-$1,900 per troy ounce low. For much of the day it has been trying to break through its May-to-July downtrend line while the US dollar hardly moved. The oil price got a boost from extended Saudi Arabia voluntary output cuts which are supposed to last until the end of August"

Author

Chris Beauchamp

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