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European stocks slightly lower after monthly gains

FXStreet (Córdoba) - European stocks started September on a quiet note, after posting their first monthly gain since May, as investors assessed economic data from China and Germany, new sanctions to Russia and expectations of further monetary stimulus by the ECB.

The Stoxx Europe 600 slid 0.04% to 341.85 in early trade. The index climbed 1.8% in August, after 2 months of falls, helped by expectations of further ECB easing measures.

As for country-specific indexes the UK FTSE shed 0.22%. The Germany’s DAX 30 lost 0.328% and the France’s CAC 40 dropped 0.36%. Spain’s Ibex 35 was down 0.16% while Italy’s FTSE MIB fell 0.54%.

Thursday's ECB meeting remains on focus, as expectations of further easing measures from have been growing since Draghi’s speech in Jackson Hole and have been fueled by dovish comments from other members of the Governing Council.

In the data front, manufacturing PMIs came in lower than expected across China, Germany, the Eurozone and UK. There is no data scheduled for the rest of the day as US markets will be closed due to the Labor Day holiday.

In the FX market, majors started the week little changed near Friday's closing levels, and the greenback has been correcting a slight part of recent gains. The GBP is among the best performers, with GBP/USD reaching a 12-day high of 1.6643 despite soft domestic data. The EUR/USD printed a fresh 1-year low of 1.3118 during the Asian session.

As for commodities, gold recovered 0.25% to above $1,290 an ounce while crude oil dropped 0.42% to $95.56 a barrel.

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