Tuesday, 11 Aug 2020 08:09 AM MYT
With trading volumes dwindling as traders leave for summer holidays, the broader European STOXX 600 index held to tight ranges, ending the session 0.3 per cent higher. The benchmark saw trading volume down to nearly 75 per cent of its 30-day moving average. Banking sector stocks rose 2.0 per cent, leading sectoral gains, while the travel and leisure index, which has dealt a heavy blow in the wake of the health crisis, rose 0.9 per cent.
“For Cyclicals and Value to work from here, one needs to see a continued acceleration in the PMIs. We think this is unlikely,” JPMorgan's Mislav Matejka wrote to clients. Investors were also monitoring the negotiations between White House officials and Democrats over a fifth bill to address the economic impact of the coronavirus pandemic.
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