European stocks on the back foot as Oil retreats, US GDP eyed

Dhwani Mehta FXStreet

The European equities extended its subdued tone for the second straight session this Friday, trading little changed amid a lack of fresh fundamental triggers and increased nervousness ahead of the US growth numbers and Fed Chairperson Yellen’s speech due later in the NA session.

Adding to the cautious tone in the markets, a retreat in the oil prices from $ 50 mark weighs down on the resource and energy sector stocks. Oil prices slipped from seven-month highs amid resurgence of oversupply concerns.

Meanwhile, Germany's DAX 30 index drops -0.20% to 10,252, while the UK's FTSE 100 index trades muted around 6,262. Among the other indices, the French CAC 40 index slips -0.27% at 4,500 levels, while the pan-European Euro Stoxx 50 index declines -0.18% to 3,070 points.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trims losses and returns to the 1.1750 area

The US Dollar resumed its decline in the American afternoon, helping EUR/USD trim early losses. The pair trades around 1.1750 as market participants gear up for the European Central Bank monetary policy decision and the United States Consumer Price Index.

GBP/USD flirts with 1.3400 after nearing 1.3300

The GBP/USD changed course after dipping with UK inflation data, and trades near the 1.3400 mark, as investors expect the Bank of England to deliver a 25 basis points interest rate cut after the two-day meeting on Thursday.

Gold flirts with weekly range hurdle; looks to US CPI for fresh impetus

Gold is seen consolidating near the top end of the weekly range, below the $4,350 level, during the Asian session on Thursday. The US Dollar preserves the overnight recovery gains and caps the bullion, though a weaker risk tone and dovish Fed bets act as a tailwind for the non-yielding yellow metal. Traders now look to the US consumer inflation figures for cues about the Fed's rate-cut path in 2026 before placing fresh directional bets around the XAU/USD pair.