Intensity Spike.
The surprising outcome of the French parliamentary elections the previous day, where the left, centre and right all essentially cancelled each other out to create a legislative power vacuum and potential political deadlock in France for years to come, caused nervousness and volatility in European markets on Monday, which continued for much of the week.
With such a big slate of upcoming potential catalysts; Fed chairman Jerome Powell talking in Congress for two days starting the next day, big inflation data coming out on Thursday and Friday, French election fallout and Q2 earnings season…
The skinny
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