Initial optimism over the EU-U.S. trade deal, which had boosted European stocks early in the trading session, soon faded andthe region's main indices closed lower with losses led by German stocks ( 1%). U.S. stocks had a choppy session and endedmostly flat, while large cap tech stocks edged higher. The euro slipped to just below $1.16, its lowest in over a month.
Sovereign debt markets were mixed. Euro area yields edged lower and peripheral risk premia slightly narrowed, despitehawkish remarks from ECB's Kazimir suggesting he doesn't expect to lower rates in September. Conversely, U.S. Treasuryyields slightly rose ahead of the Fed's meeting this week, in which the FOMC is expected to hold rates steady.
In commodities markets, oil prices rose +2%, with the barrel of Brent reaching $70 for the first time in two weeks, afterPresident Trump announced he would shorten the deadline for Russia to end its war in Ukraine or face sanctions.
BANCO BPI, S.A., com sede na Avenida da Boavista, 1117, 4100-129 Porto; Capital Social: € 1 293 063 324,98; matriculada na CRC Porto sob o número de matrícula PTIRNMJ 501 214 534, como o número de identificação fiscal 501 214 534. Intermediário financeiro registado na CMVM com o n° 300 e no Banco de Portugal sob o código n° 10. Agente de Seguros n.º 419527591, registado junto da Autoridade de Supervisão de Seguros e Fundos de Pensões em 21/01/2019, e autorizado a exercer atividade nos Ramos de Seguro Vida e Não Vida.