European Trading Session Report | July 29, 2026 | Analysis during European hours (8:00 AM – 5:00 PM CET)

**European Markets Edge Higher Amid Mixed Macro Signals** European equities are posting modest gains in early trading, with the FTSE 100 leading the region at +1.29% as UK-listed energy and financial stocks rebound. The CAC 40 is up 1.03%, supported by strong earnings in the luxury sector, while the DAX (+0.71%) benefits from industrial optimism despite lingering concerns over German factory orders. The Euro Stoxx 50 is lagging slightly at +0.24%, weighed down by cautious ECB commentary suggesting rate cuts may not materialize until mid-2024. In FX markets, the euro is firming against the dollar (+0.10%) as traders digest hawkish remarks from ECB officials, though EUR/GBP is slipping (-0.05%) amid sterling resilience following better-than-expected UK services PMI data. The Swiss franc is gaining ground, with USD/CHF down -0.18%, as risk-off sentiment lingers after a weak Asian session. The yen is outperforming (-0.20% in USD/JPY) on speculation of potential BOJ policy adjustments, while commodity-linked currencies like the AUD (-0.29%) struggle amid softer Chinese demand signals. Overnight, US markets closed mixed ahead of key payrolls data, with tech stocks under pressure amid rising Treasury yields. European sectors are mirroring this divergence, with tech underperforming while energy and banks rally on higher oil prices and steeper yield curves. Investor sentiment remains tentative, with focus shifting to today’s Eurozone retail sales and US jobless claims for further directional cues. The calendar remains light, leaving markets susceptible to positioning flows ahead of Friday’s US NFP report.

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