European Shares
European benchmarks followed the global upward trend at the start of a new month, as share markets climbed almost everywhere from Tokyo to futures in New York. This strengthened market sentiment comes despite disappointing macro data from China over the weekend, with manufacturing PMI falling short below expectations while property sales also contracted, underlying challenges the second-largest economy in the world still must face. Today’s best performances are being brought by communication services and financial shares in Europe, leading benchmarks close to their short-term resistances. However, some investors remain sceptical that the current appetite for risky assets will continue further in the August. The recent move from the ECB, who introduced its new TPI tool aimed at keeping bond markets and borrowing costs between Eurozone countries under control, has significantly helped cash going back to the stock market.
