Markets Await Fed Minutes and Consolidate Following July 4 Holiday

European yields are lower, as Eurozone stocks fall back. The DAX has been trading in a very narrow range, and is now down slightly and U.S. stocks ae mixed. Investors eye geopolitical risks and the FOMC minutes. Gilt futures continue to underperform and the 10-year cash yield is up 2.5 basis points at 1.27%, while the FTSE managed to carve out marginal gains, despite a disappointing Services PMI reading. Oil prices whipsawed following news that Russia would not consider additional production cuts.

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