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Sweden : Europe: Shares retreat from 12-month highs on Hexagon outlook, dimmer rate cut hopes

Jul 06, 2019 (Euclid Infotech Ltd via COMTEX) --

European shares broke a six-day winning streak on Friday as poor German data and a downbeat outlook from Sweden's Hexagon weighed, and losses deepened after strong US jobs data saw investors trimming bets of an aggressive rate cut by the US Federal Reserve this month.

The pan-European STOXX 600 index finished down 0.7 per cent on broad-based losses, capping the week's gains at 1.4 per cent. The index retreated from more than 12-months highs hit a day earlier, fuelled by hopes of easier monetary policy from major central banks.

The strong rebound in US job growth in June tempered expectations that the Fed would cut interest rates by 50 basis points this month, which sent the dollar higher and US stocks lower.

However, bets of a 25 basis point cut were still in play as data showed wage gains in the US were tepid.

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