Break of $1,750 triggered stop loss sales in gold, while Brent sank 2% on concerns the spread of the Delta variant would temper travel demand
An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR
The FTSE Eurofirst 300 index was trading flat, Britain’s FTSE 100 index dipped 0.3% and Germany’s DAX 30 fell 0.3%.Markets were shaken early by a sudden dive in gold as a break of $1,750 triggered stop loss sales to take it as low as $1,684 an ounce. It was last down 1% at $1,745. They were helped by China's blue chips index which added 1.3%. Japan’s Nikkei was shut but futures were trading a modest 20 points below Friday’s close.Chinese trade data out over the weekend undershot forecasts, while figures out Monday showed inflation slowed to 1% in July offering no barrier to more policy stimulus.
“What we’re seeing is a little bit of early profit-taking on the back of fear that tapering will come in earlier in September. But as you can see, it has little impact because the effect of a better economy far outweighs the substitution effect of higher interest rates,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.
Figures for July CPI due this week are also expected to confirm inflation has peaked, with prices for second-hand vehicles finally easing back after huge gains. “However, companies with earnings beats have seen muted reactions on their stock price the day following earnings releases, and misses have been penalised,” they wrote in a note.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Masiphumelele’s only female rugby player Zola Nondwayi, 14, seeks to break stereotypes.WomensDay : Masiphumelele’s only female rugby player Zola Nondwayi, 14, hopes to play for the national rugby team, following after her role model and current captain of the women’s Springbok team, BabalwaLatsha.
Read more »
U.S. State Department announces five additions to global terrorist listThe State Department on Friday announced the addition of five alleged Islamist militants to its Specially Designated Global Terrorist list, requiring the blocking of any ownership or interests in U.S. properties they hold.
Read more »
Saudi Aramco Q2 profits nearly quadruple compared to 2020Energy giant Saudi Aramco said Sunday its second quarter profits for 2021 had nearly quadrupled compared to the same period last year on the back of higher oil prices
Read more »
Malcolm grabs golden glory for BrazilBrazil retained their Olympic football title with substitute Malcolm scoring an extra-time winner in a 2-1 victory over Spain in the men's gold medal match on Saturday.
Read more »
Malcolm grabs golden glory for BrazilBrazil retained their Olympic football title with substitute Malcolm scoring an extra-time winner in a 2-1 victory over Spain in the men's gold medal match on Saturday.
Read more »
India get first athletics gold, US end droughtThe United States ended a drought and India seized their first ever gold medal in athletics at the Olympics on Saturday, while baseball-mad Japan won their maiden gold in the sport.
Read more »