EUROPEAN SHARES
Most benchmarks were on the rise in Europe on Friday, paring some of yesterday's losses, as traders digest the latest macro developments. Market sentiment strengthened for the week's last trading session as investors cheered on reassuring economic data from the UK, while other figures from Norway, France and Spain came in as expected. The overall appetite for risk remains uncertain, as traders are still struggling to assess the outlook regarding the discussions around the US debt ceiling and the ongoing banking crisis in the US.
Even if all sectors are on the rise today, most stock indices still trade inside a consolidation pattern, highlighting the hesitant approach from investors towards riskier assets. The STOXX-50 flirts with the upper bound of its bearish triangle, around the 4,333.0pts mark, where a breakout could lead prices further up towards 4,360.0pts while a failure to clear this level could send the market down below 4,300.0pts.
Pierre Veyret– Technical analyst, ActivTrades
Source: ActivTrades
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