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European stocks are down on Friday and eyes are on the G7 leaders meeting

2018-06-08 08:22 am | Resource: NEWS | No Views : 153

European stocks are opening lower on Friday as investors await the G7 leaders' meeting amid sharp tensions between US President Donald Trump and most of the participating statesmen.

Investors are also looking for directional indicators from the US and European Central Bank meetings as well as the meeting of the world's top oil producers in Vienna on June 22.

Asian markets retreated as US Treasury yields recovered and Brazilian assets plummeted due to growing pessimism about the economy. Also, Turkey surprised analysts by tightening monetary policy for the third time this quarter.

On the data front, China's exports rose faster than expected in May, while imports jumped at the fastest pace since January, data from the General Administration of Customs showed.

In terms of dollar value, exports rose by 12.6 percent year-on-year, faster than the 11.1 percent rise. Imports rose 26.0 percent in May last year, higher than economists' forecasts of a growth of 18.2 percent.

Japan's GDP fell 0.2 percent sequentially in the first three months of 2018, the prime minister's office said in a final reading. This did not change from the initial reading on May 16, although it defies expectations of an upward revision to -0.1%.

The permanent jobs report published by IHS Markit and the Employment Union showed earlier in the day that UK permanent employment growth was at a five-month low in May.

Brent crude futures extended gains after rising by nearly $ 2 a barrel on Thursday amid speculation that Saudi Arabia, other OPEC nations and non-OPEC allies may be in compliance with an agreement to cut oil supplies by the end of 2018.

European markets fell modestly on Thursday, even as rising bond yields helped lift bank stocks. The Euro Stoxx fell 0.2 per cent after disappointing data on euro area exports and German factory orders.

Germany's DAX and France's CAC 40 fell 0.2 percent and the FTSE 100 fell 0.1 percent.

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NASDAQ Technical Analysis 17 January 2019

Time frame Used - four hours The NASDAQ 100 is moving in a bullish direction in the near term. The purchasing power managed to control the movement of the NASDAQ 100 index to break through the resistance level of 6630 to reach the level of 6721 where it faced around this level to retreat slightly to level of  6625 likely the Dow Jones, but we note that there is a…

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