European stocks lower premarket on Fed rate cut pessimism

Tuesday, 09. July 2019 08:57

European stocks were trading with losses during premarket trade on Tuesday as the hopes of the previously highly anticipated rate cut in the United States remain diminished. Last week, market expectations of an interest rate cut of 50 basis points in the US in July fell from 27% to just 11.1%. Deutsche Bank AG's shares closed with fresh losses after the financial giant initiated its long-anticipated restructuring initiative which involves, among other things, 18,000 job cuts.

The DAX was down 0.68% and the CAC 40 declined 0.25% shortly before the opening bell. In the meantime, the FTSE 100 was 0.16% below the flatline before the start of the session.

The euro was flat to negative against the dollar at 8:50 am CET, buying 1.1212, while the British pound decreased by 0.20% compared to the greenback, changing hands for 1.2493 concurrently.

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