In view of the upcoming corporate balance sheet season, rising interest rates in the US, a three-year high in oil prices and profit taking following recent records, the stock markets switched to consolidation mode. The oil price for the US grade WTI also reached its highest level since the end of 2014 at USD 63.65 and a similar trend was also seen in the price of North Sea oil. In Europe in particular, the stronger euro also had a negative impact. There are also warning voices from the Federal Reserve regarding the US tax reform.
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