June 19, 2024

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European Shares Set For Cautious Start

2 min read

European stocks are likely to open on a subdued note Thursday as the U.S.-China Summit meeting concluded after months of diplomacy.

It was said there were agreements on restarting military-to-military communications and steps to curb fentanyl production.

Both countries agreed to work towards avoiding confrontation and instead focus on cooperation.

Asian markets traded broadly lower alongside U.S. equity futures as investors awaited more clues on the health of the world’s largest economy, going into the holiday season.

Japan’s export growth slowed in October and China’s new home prices fell for the fourth straight month, rekindling worries about slowing global growth.

The dollar held steady in Asian trade ahead of U.S. reports on weekly jobless claims, import and export prices, industrial production and homebuilder confidence due later in the day.

Gold inched up slightly while Treasuries were little changed after Wednesday’s sell-off.

Crude extended overnight losses on signs of higher supply from the United States and amid worries about lackluster energy demand from Asia.

U.S. stocks eked out modest gains overnight, with dovish Fed bets and an upbeat forecast from retailer Target helping underpin sentiment.

A measure of producer prices unexpectedly fell in October and retail sales dipped for the first time in seven months, offering more evidence of easing price pressures and slowing consumer spending ahead of the holiday season.

The tech-heavy Nasdaq Composite inched up marginally to reach a three-month closing high and the S&P 500 edged up 0.2 percent while the Dow rose half a percent.

European stocks closed higher for a third straight session on Wednesday after news of fresh stimulus in China and signs of moderating price pressures in the euro area.

The pan European STOXX 600 gained 0.4 percent despite the European Commission cutting Eurozone growth forecasts.

The German DAX rose 0.9 percent, France’s CAC 40 edged up 0.3 percent and the U.K.’s FTSE 100 added 0.6…



2023-11-16 00:34:00

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