July 23, 2024

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European Equities Brace For Muted Opening

2 min read

European stock markets are seen opening on a weak note on Wednesday as worries about inflation as well as the economic situation in China eclipse the relief triggered by dovish comments from Fed officials. Germany’s inflation readings are due for release later in the day. The PCE-based inflation readings from the U.S., seen as the Fed’s preferred inflation gauge is due on Thursday. The impending GDP update from U.S. and PMI readings from China also weighed on sentiment.

Wall Street had closed with minor gains on Tuesday amidst not-so-hawkish comments from Fed officials that bolstered rate cut hopes. However, anxiety ahead of the release of the PCE readings limited gains. Nasdaq Composite added 0.29 percent to close at 14,281.76 whereas the Dow Jones Industrial Average gained 0.24 percent to finish trading at 35,416.98.

Mixed sentiment prevailed in the European bourses on Tuesday amidst concerns about the economic condition in China, renewed interest rate worries as well as indications of an uptick in consumer morale. Switzerland’s SMI topped losses with a decline of 0.56 percent. France’s CAC 40 slipped 0.21 percent. The pan-European Stoxx-50 declined 0.16 percent. U.K.’s FTSE 100 edged down 0.07 percent. Germany’s DAX however gained 0.16 percent.

Current indications from the European stock futures indicate a weak sentiment. The FTSE 100 Futures (Dec) is trading 0.09 percent lower. The pan-European Stoxx 50 Futures (Dec) has slipped 0.07 percent. The CAC 40 Futures (Dec) is trading 0.05 percent lower. The SMI Futures (Dec) is trading close to the flatline. The DAX Futures (Dec) is currently trading 0.02 percent higher.

American stock futures indicate mild gains. The US 30 (DJIA) is trading 0.02 percent higher, whereas the US500 (S&P 500) is trading 0.10 percent higher.

Asian stock markets are trading on a predominantly negative note ahead of release of PMI data from China. Hong Kong’s Hang Seng has tumbled 2.56 percent, hitting a 4-week low. China’s Shanghai…

2023-11-29 01:22:14

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