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UK and European were weaker as investors digested data from the UK that showed a rise in
retail sales last month, but also government
borrowing rising to its highest level since 1961. British retail sales
rose 2.9% in May, a big gain from the 1.8% fall
in April when heavy rain affected shopping footfall.
The release
of the European Purchasing Managers Index also weighed on sentiment, as France’s snap election continued to
weigh on firms and manufacturing in the region recorded its worst month of the
year.
Wall Street stocks were flat despite a report showing a pickup in US
services activity to its fastest pace in more than 2 years and an improved
outlook on cooler price pressures and prospects for lower borrowing costs.
The dollar was stronger to lock in a third week
of gains after the upbeat US Purchase Managers Index (PMI) numbers,
which greatly outpaced the European ones.
Brent Oil finished the week on a
bullish tone as hurricane season began, demand improved, and
inventories fell. Rising geopolitical
risk around the world also lifted sentiment.
Gold prices fell over 1% but
remained on track for a second consecutive weekly gain amid expectations of a
U.S. interest rate cut coming in the second half of the year.
In corporate news Zealand Pharma roared ahead by 25% as an early-stage study showed the Danish company’s weight-loss drug helped reduce weight by an average 8.6% after 16 weekly doses.
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