European stocks take a breather after 3-day rally

By FXstreet.com | July 04, 2014 AAA

FXStreet (Córdoba) - European stocks were little changed Friday, as they take a breather following a 3-day rally.

The Stoxx Europe 600 was down 0.04% at 348.76. The index rose 2.1% in the past 3 days, but a record close in Wall Street failed to underpin European equities.

Among country indexes, UK FTSE 100 was down 0.03%. Germany's DAX 30 dipped 0.05% and France’s CAC 40 dropped 0.09%. Italy’s FTSE MIB lost 0.39% while Spain’s Ibex 35 fell 0.21%.

Shares in Austria's Erste Group Bank slumped by 14% after the company warned it will post a record loss this year due to fresh hits from Hungary and Romania.

In the macroeconomic domain, there is no data scheduled for the rest of the day as the US celebrates the Independence Day. Yesterday, ECB president Draghi sounded slightly dovish and left the door open for QE-type measures, but made no commitment. Meanwhile on the other side of the Atlantic, nonfarm payrolls came in much higher than expected, which sent the DJIA to a close above 17,000 for first time.

In the FX market, the EUR/USD continues to lose ground weighed by US NFP and ECB comments, having lost the 1.3600 mark, while the GBP/USD retreated slightly after hitting a fresh 6-year high of 1.7178. The USD/JPY eased a tad toward 102.00, while the AUD/USD is little changed around 0.9350.

As for commodities, gold was up 0.17% to $1323 an ounce while crude oil was flat at $104.07 a barrel.

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