With US on holiday today, there might be little appetite for risk trades to really go chasing. European equities are trading near the highs for the year but keep in mind that the mood in the weeks ahead may be a bit less enthused due to the summer time.

That said, as mentioned before, there is still a good argument for European indices to outperform given the improving macroeconomic backdrop as well as from a valuation standpoint – as opposed to the already frothy levels seen in US stocks.