. World stocks edge higher for sixth day of gains, dull business activity hits euro

World stocks edge higher for sixth day of gains, dull business activity hits euro

World stocks edge higher for sixth day of gains, dull business activity hits euro

22 Jul 2022

EURO STOXX 50 is trading up 0.44% at 3600.00

Global stocks were marginally higher on Friday, eyeing a sixth day of gains as European markets rose, while weak euro zone business activity data hit the euro and weighed on the bloc’s debt.

The MSCI World index, its broadest gauge of equity markets, was last up 0.04% in early European deals, with the Euro STOXX 50 index up 0.2%.

Overnight, the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%, but the index is still set for its biggest weekly gain in about two months.

U.S. stock futures pointed to a lower open after weak overnight earnings from tech company Snap Inc (NYSE:SNAP) sounded the alarm among investors ahead of earnings from Twitter Inc (NYSE:TWTR) later on Friday.

S&P 500 futures were last down about 0.4%, with Nasdaq futures down 0.7%.

Despite Russian gas flowing back to Europe and some strong earnings in the region, political tension in Italy tempered sentiment as did the outlook for further central bank action on both sides of the Atlantic amid rising inflation.

The European Central Bank raised interest rates by a bigger-than-expected 50 basis points to zero percent on Thursday, its first hike in 11 years, and ended a policy of negative interest rates that had been in place since 2014.

On technical fronts EURO STOXX 50 RSI stood at 59.05 and currently it is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : EURO STOXX 50 – BUY: 3600.00, TARGET: 3614.00, STOP LOSS: 3578.00