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LGT Navigator: Stock market sentiment remains tense

July 4, 2018

Investors' sentiment remains tarnished by the mutual threats in the trading conflict. After a friendly start at first, Wall Street prices plummeted sharply in the closing minutes before today's US National Day. On the Frankfurt trading floor, the agreement reached in the Union's party dispute on the issue of asylum brought some relief yesterday. The trading conflict with the USA also continues to determine sentiment on Asia's stock markets.

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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