Europe close: Investors sit on their hands ahead of Fed, US tech earnings
By Alexander Bueso
Date: Wednesday 29 Jul 2020
(Sharecast News) - Stocks across the Continent were little changed on Wednesday as investors waited on the US central bank's policy announcement scheduled for later in the session and a raft of corporate earnings Stateside over the coming days, including from tech giants Amazon, Alphabet, Facebook and Microsoft.
And some analysts were increasingly nervous.
"While the push for a vaccine remains on track, the fear that financial support will be removed before one is ready raises questions over the recovery path," said IG's Josh Mahony.
"The multi-month recovery that has been playing out is thanks to huge government funding, and that means the economic and market recovery is also entirely reliant upon further financial support to avoid another March-style crash."
Against that backdrop, the benchmark Stoxx 600 drifted lower by 0.06% to 367.45, alongside a 0.60% rise for France's Cac-40 to 4,958.74, while the FTSE Mibtel dipped 0.11% to 19,880.57.
The German Dax meanwhile had drifted lower by 0.10% to 12,822.26.
Euro/dollar was up 0.5% to 1.1775 while December gold futures gained 0.58% to $1,975.30/oz..
It was light day in terms of the economic calendar.
France's national statistics office, INSEE, reported a decline in its consumer confidence index from a reading of 96.0 points for June to 94.0 in July.
Meanwhile, Spain's independent fiscal watchdog reportedly said that its economic model for Spanish GDP was pointing to an annualised 20% fall in the second quarter.
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