The steadier risk tone continues as the cash equity market opens
- Eurostoxx +0.2%
- Germany DAX +0.2%
- France CAC 40 +0.2%
- UK FTSE +0.2%
- Spain IBEX +0.3%
This just reaffirms the slightly more positive risk tilt on the day after Chinese equities surged higher as Beijing stepped up stimulus measures to ensure that the market remains flushed with liquidity while ensuring economic stability.
However, gains are more modest in Europe as investors are still a little cautious about chasing the more positive risk tilt in the absence of Wall Street trading today.
That is keeping the aussie mildly higher but the major currencies space remains rather subdued with little noticeable price action to start the European morning.
Narrow ranges continue to prevail with USD/JPY still seen at 109.86 (16 pips range) and EUR/USD also not doing a whole lot at 1.0840 (17 pips range).
