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Stocks trade sideways

Equity markets have been drifting between positive and negative territory as traders refuse to take a firm view.

All trading involves risk. Losses can exceed deposits.

European equity benchmarks seem to be floating aimlessly this afternoon, as mixed economic data from the UK and the eurozone failed to wow investors.

The German market has been in the red since the German ZEW economic sentiment report came in at 36.3 in July, down from 39.6 in June. The survey measures the level of confidence in the Germany economy by institutional investors.

ASOS is offside after announcing the departure of its finance director Kate Bostock, who was in the role for only six months. The share price is down 0.8%.

Across the pond the Dow is down eight points at 15,476, as traders are digesting the inflation data and numerous corporate updates. The level of inflation ticked up to 0.5% for June when economists were expecting an increase of 0.3%, which shows us that demand in the US is increasing.

Meanwhile, reporting season continues: Goldman Sachs and Johnson & Johnson have reported strong sets of figures, while Coca Cola missed its revenue estimate. Some dealers are waiting for Esther George of the Federal Reserve to make her statement at 7.15pm (London time) before taking a position.

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