CommSec’s Tom Piotrowski claims there are a couple of important issues “bubbling away in the European sphere” at the moment.

“There is a confidence vote that the French Parliament will be enacting on the 9th of September – this is a very important outcome,” he said.

“We could see this vote fail, which would put things in a very precarious situation, but for the markets, what it means is that interest rates are drifting higher across Europe, and that could be a stumbling block ultimately as far as stocks are concerned.”

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