The uncertainty phase

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The major European indices along with the American ones are in the side movement. However, the volatility is reducing, indicating clear uncertainty. This is indeed a tough situation for traders and investors, since the economy of the monetary block remains relatively stable. This is a bullish fundamental factor that generates an increase in stock market demand enough to hold the key indices from a fall. In the meantime, the skyrocketing key rates restrain the bulls from aggressive purchases.


As a result, the investors have two self-excluding fundamental factors. Consequently we do not observe any unidirectional quotes movement. One should also consider that at the uncertain times traders may react quickly, but not always logically. Hence, there’s a probability the volatility would increase.


Last session leaders and outsiders:



Top: BASF SE +1.67%, Covestro AG +1.14%, Volkswagen AG Vz -1.13%

Flop: Airbus SE -2.24%, Deutsche Bank AG -2.09%, MTU Aero Engines AG -1.92%



Top: Air Liquide S.A. +1.7%, Intesa Sanpaolo S.p.A. +1.54%, PADDY POWER PLC +0.84%

Flop: Airbus SE -2.5%, Hermes International S.A. -2.45%, adidas AG -2.32%


The first day of the week passed with a rather calm mood. We do not observe any clear leaders or outsiders among the securities composing DAX and EURO STOXX 50. Though, the risk of a moderate decline is still rising.


Bond market:


The yields profitability is continuing to grow thus pressing the fund indices. The profitability growth is based upon the expectation of further key rate elevation in the US and the EU. However, we do not see sales on the fund market, which is a strange occasion on its own. In the meantime, the main yields’ competitor, gold, has renewed its decline.


Oil market


The oil demand has increased greatly with the European session opening. However, there are no grounds for a global change of moods. Most likely the investors are evaluating the European countries success in rapid abandonment of the Russian energy carriers. At the same time one should pay extra attention to the upcoming oil supplies report in the US. Another growth may reduce the enthusiasm and buyers activity.


Also, the observed splash is carried out within a side movement, hence it is not about a change of moods so far.


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