European markets fractionally lower as cautious sentiment persists

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London -0.38%.

Germany -0.24%. Germany July final services PMI 49.7 vs 49.2 prelim.

Germany June trade balance €6.4 billion vs €0.2 billion expected.

France -0.01%. France July final services PMI 53.2 vs 52.1 prelim.

The pan-European Stoxx 600 slipped 0.2% in early trade, with autos falling while tech stocks gained.

Eurozone July final services PMI 51.2 vs 50.6 prelim.

Italy July services PMI 48.4 vs 50.1 expected.

Spain July services PMI 53.8 vs 52.0 expected.

Switzerland July CPI +3.4% vs +3.5% y/y expected.

Coming up in the session: UK July final services, composite PMI at 0830 GMT; Eurozone June PPI figures at 0900 GMT; Eurozone June retail sales data at 0900 GMT and US MBA mortgage applications w.e. 29 July at 1100 GMT.

In the United States, the three major averages fell for a second consecutive day yesterday, although Dow Jones Industrial Average futures were higher last night.

Markets fell further after three Federal Reserve presidents hinted that further rate hikes would be necessary to combat high inflation.

In bond market, The yield on 10-year Treasuries was little changed to 2.74%.

Germany’s 10-year yield was up more than seven basis point to 0.85%.

Britain’s 10-year yield was up more than three basis points to 1.89%.

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