European markets await ECB President Christine Lagarde’s speech
Stock indices opened slightly lower but without clear direction despite reassuring data from China overnight as European markets await ECB President Christine Lagarde’s speech. The current resilience of stock markets that remain near record levels can be seen as a strong sign of confidence from investors towards riskier assets. The end of supply chain disruptions, strong corporate results and the ongoing extremely dovish environment provided by the ECB, with any monetary tightening still some way off, are sustaining the “risk-on” trading stance in the short-term. That said, new highs for stocks before year-end remains the most likely scenario, even if investors will be closely monitoring this week’s macro developments with the EU CPI, US Retail Sales as well as several speeches from Fed members.
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