In a market wrap, analysts at ANZ explained that trade war fears sent European equities lower after China said they would respond to US trade tariffs.
Key Quotes:
“The Euro Stoxx 50 closed 1.1% lower with other key indices down 0.7-1.5%. However, Apple’s strong earnings report saw technology stocks push key US indices higher, as Apple became the first US company to hit a market value of one trillion dollars – even if it was short lived. Materials and energy weighed, despite oil prices rising around 2%.”
“Commodities were mixed with base and precious metals down, but grains up. Fixed income was bid with US Treasury yields down 1.6-2.5bps across the curve.”
“The GBP initially rallied on the unanimous BoE rate hike, but with Carney not overly optimistic during the press conference, gains were not sustained.”
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