On Monday European stock market was closed weekend, with investors afraid for the frontwards of a series of federal reserve meetings this week, including the central bank, which is expected to tighten the monetary policy.
European countries facing potential energy shortages because Russia halts the supply of gas in the European countries, European stock market was down on Tuesday because investors were afraid of the economic risk facing the region.
The CAC40 in France traded down by 1.1%, U.K FTSE100 was closed because of Queen Elizabeth II’s funeral, and the DAX Germany Traded down by 0.5% by 03:55ET
OPEC+ is a group between the Organization of the Petroleum Exporting Countries and its Allies. meets later Monday for the tight supplies of oil.
Today’s weakness in the European market occurs because the people’s bank of China cut the repo rate and increased cash injections into the economy, a major driver of economic growth which has been hit hard by Covid-19 lockdowns.
Long Term Technical Analysis
This daily chart indicates, that CAC 40 Index was trading in a down-channel, Currently, it is trading below all SMA.RSI is in the selling zone which indicates bearishness, MACD is below zero which indicates bearishness
