European Equities fell on Friday, with overnight losses in Asia. US futures point to a bearish opening for the final significant trading session in 2022. This morning’s slew of mixed macro data from the old continent, including the French PPI, Spanish GDP and Italian business and consumer confidence, combined with usual profit-taking moves ahead of the year-end, are keeping risk appetite under pressure so far. Even if we don’t expect this trend to significantly change today, more market volatility is likely to be spotted in the afternoon as investors await major data releases from the US, featuring the core durable goods orders, new home sales, and the inflation report from the Core PCE Price Index.
After yesterday’s failure at clearing the 3,888-pts mark, the STOXX-50 has been trading in its triangle chart pattern. Breaking the 3,800-pts level could cause prices to fall further towards 3,735 and 3,675 pts respectively, or 3,645 and 3,645 pts.
Pierre Veyret– Technical analyst, ActivTrades
Disclaimer: These opinions are solely the author’s and do not necessarily reflect those of LeapRate. This is not trading advice.
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