investingLive European session wrap: Oil prices come off the boil, markets take a light breather in final stretch of the week

<p>Headlines:</p><ul><li><a href="https://investinglive.com:443/news/middle-east-tensions-remain-heightened-with-the-weekend-drawing-closer" rel="follow">Middle East tensions remain heightened with the weekend drawing closer</a></li><li><a href="https://investinglive.com:443/commodities/oil-prices-come-off-the-boil-in-final-stretch-of-the-week" rel="follow">Oil prices come off the boil in final stretch of the week</a></li><li><a href="https://investinglive.com:443/commodities/oil-analysis-today-tactical-bearish-bias-takes-hold-near-90-support-shelf-as-markets-weigh-ecb-pause-and-iran-tensions" rel="follow">Oil Analysis Today: Tactical Bearish Bias Takes Hold Near $90 Support Shelf as Markets Weigh ECB Pause and Iran Tensions</a></li><li><a href="https://investinglive.com:443/central-banks/ecb-s-kocher-don-t-see-evidence-of-second-round-effects-but-will-act-if-inflation-outlook-deteriorates" rel="follow">ECB's Kocher: Don't see evidence of second-round effects but will act if inflation outlook deteriorates</a></li><li><a href="https://investinglive.com:443/central-banks/ecb-policymaker-nagel-says-should-not-pre-commit-to-any-rate-move-before-september-meeting" rel="follow">ECB policymaker Nagel says should not pre-commit to any rate move before September meeting</a></li><li><a href="https://investinglive.com:443/news/france-july-flash-services-pmi-vs-47-5-expected" rel="follow">French business activity stabilises in July amid strong rebound in the services economy</a></li><li><a href="https://investinglive.com:443/news/germany-july-flash-manufacturing-pmi-xx-vs-50-5-expected" rel="follow">Germany July flash manufacturing PMI 52.2 vs 50.5 expected</a></li><li><a href="https://investinglive.com:443/news/eurozone-july-flash-services-pmi-vs-49-8-expected" rel="follow">Euro area business activity rises for first time in four months as demand conditions rebound</a></li><li><a href="https://investinglive.com:443/news/uk-july-flash-services-pmi-xx-vs-49-4-expected" rel="follow">UK July flash services PMI 51.8 vs 49.4 expected</a></li><li><a href="https://investinglive.com:443/news/uk-june-retail-sales-1-0-vs-0-3-m-m-expected" rel="follow">UK retail sales rose unexpectedly in June amid summer heat and World Cup fever</a></li><li><a href="https://investinglive.com:443/news/germany-august-gfk-consumer-sentiment-29-6-vs-28-5-expected" rel="follow">German household sentiment eases a little more heading into August</a></li></ul><p>Markets:</p><ul><li>WTI crude down 2.7% to $89.65</li><li>European stocks slightly higher; S&P 500 futures up 0.2%</li><li>AUD leads, USD and CHF lag on the day</li><li>10-year Treasury yields down 2 bps to 4.68%</li><li>Gold up 0.3% to $4,059</li><li>Bitcoin down 0.2% to $64,985</li></ul><p></p><p class="text-align-justify" style="text-align: justify;">There wasn't all too much on the session as markets are looking to take a bit of a breather in the final stretch of the week.</p><p class="text-align-justify" style="text-align: justify;">While Middle East tensions remain high, we're seeing all the risk aversion take a step back today as oil prices come off the boil - for now at least.</p><p class="text-align-justify" style="text-align: justify;">WTI crude is down 2.7% to $89.65 while Brent crude is down 2.6% to $98.05 on the day. In the context of this week, the moves here aren't anything much with the former still slated for 9% gains on the week with the latter poised to close the week up by over 11% at current levels.</p><p class="text-align-justify" style="text-align: justify;">As oil prices pull back a little, we're seeing bond yields also drop off from the highs. 10-year yields in Germany are down from 3.20% to 3.18% with 10-year yields in the US also falling from 4.71% to 4.68% on the day.</p><p class="text-align-justify" style="text-align: justify;">In turn, the dollar is also keeping marginally lower in the major currencies space as the broader risk mood catches a bit of a relief. EUR/USD is up 0.1% to 1.1385 with USD/JPY down 0.1% but still sticking around 40-year highs at 163.75.</p><p class="text-align-justify" style="text-align: justify;">In the equities market, European indices are seeing slight gains today with the DAX up 0.7% and CAC 40 up 0.3%. Looking to US futures, the mood is also calmer with S&P 500 futures up 0.2% and Nasdaq futures up just 0.1%. It's not hinting at much though after the heavy selling yesterday in Wall Street.</p><p class="text-align-justify" style="text-align: justify;">And looking to precious metals, gold is seen recovering some ground as prices are up 0.3% to $4,059.</p><p class="text-align-justify" style="text-align: justify;">All in all, it points to just a bit part recovery and more so just a light breather as the weekend approaches.</p><p class="text-align-justify" style="text-align: justify;"></p>

This article was written by Justin Low at investinglive.com.

This article was sourced from Forexlive. WealthWire aggregates financial news for informational purposes only. This does not constitute investment advice.