European markets traded mostly sideways in another lackluster trading day with most leading sectors closing the day flat and no leadership or momentum to the upside. Travel stocks were the lagging sector amid a slip in summer business, sending UK’s Merlin down 16%, while industrials led by strength in Airbus, up five percent on the day managed a strong close for the sector.
Forex & Commodities markets:
The dollar index was higher Tuesday sending metals lower for the second day in a row yet living a lesser imprint on a flat day for the FX markets. The dollar gained vs most majors yet lost ground vs emerging currencies at the end closing higher for the day. Gold was the big major loser, closing under 1280$ per ounce, while OIL prices closed flat ahead of the inventories numbers today. ECB President Draghi speech at 9:10 am, UK Employment at 9:30 am and OIL inventories at 2:30 pm are the important news on the agenda Wednesday.
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