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European stocks fall for a fourth day

FXStreet (Córdoba) - European stocks retreated for a fourth day Thursday, their longest streak of losses in 5 weeks, tracking US and Asian shares lower as prospects of US monetary tightening and geopolitical concerns set the cautious tone.

Lingering geopolitical concerns are taking their toll on European shares. While European governments weighed tougher sanctions on Russia, concerns of the Scottish independence referendum continue to grow.

The Stoxx Europe 600 fell 0.37% to 343.58. The index has declined 1.3% in the last 4 days. The gauge is moving away from a 6-year high reached last week as the European Central Bank unexpectedly cut all 3 of its main interest rates and announced an asset buying program.

As for country-specific indexes the UK FTSE dropped 0.30%. The Germany’s DAX 30 was down 0.47% while the France’s CAC 40 shed 0.11%. Spain’s Ibex 35 dropped 0.74% while Italy’s FTSE MIB fell 0.10%.

In the FX market, majors consolidate within recent ranges with the yen underperforming. USD/JPY reached a fresh 6-year high of 106.68, while EUR/JPY has risen to the 138.00 area.

In the macroeconomic domain, the economic calendar remains barely empty with only US wholesales inventories and a couple of auctions scheduled. Next Asian session, the Reserve Bank of New Zealand will decide on monetary policy.

As for commodities, gold was little changed right below $1,255 an ounce, while crude oil dropped 0.12% to $92.64 a barrel.

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