July 18, 2024

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European Shares Seen Opening Mixed In Lackluster Trade

2 min read

European stocks may open mostly lower on Thursday, though U.K. markets may rise at open after ending slightly lower in the previous session.

Trading volumes may remain subdued somewhat due to the Thanksgiving Day holiday in the U.S. There will be a shortened session on Wall Street Friday.

Asian stocks traded mixed in range-bound trade, with Japanese markets closed on account of Workers Day.

China’s property sector remained in focus as Shenzhen rolled out two new homebuying measures and the government placed Country Garden Holdings Co. and Sino-Ocean Group on a draft list of 50 developers eligible for a range of financing support.

Gold edged higher amid broader dollar weakness and lower Treasury yields.

Oil prices fell over 1 percent to extend overnight losses on data showing a substantial build in U.S. crude stocks and news that the OPEC+ group of oil producing countries would delay a meeting to discuss output cuts.

In economic releases, French business sentiment survey results and flash purchasing managers’ survey results from euro area and the U.K. are due later in the session.

The European Central Bank is set to publish the account of the monetary policy meeting of the Governing Council held on October 25 and 26.

U.S. stocks ended slightly higher overnight ahead of the Thanksgiving holiday. A spate of economic data, including jobless claims, durable goods, and consumer sentiment, suggested that the economy is softening but is still resilient enough to potentially avoid recession as the Federal Reserve prefers.

The Dow and the tech-heavy Nasdaq Composite both gained around half a percent while the S&P 500 inched up 0.4 percent.

European stocks mostly rose on Wednesday amid dovish Fed expectations, easing Middle East tensions and talk of early U.K. election. The pan European STOXX 600 inched up 0.3 percent.

The German DAX and France’s CAC 40 both rose about 0.4 percent while the U.K.’s FTSE 100 eased 0.2 percent after the government cut taxes in the Autumn statement….

2023-11-23 00:33:25

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