Sat. Sep 19th, 2020

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European Markets Seen Opening Lower

2 min read

European stocks are likely to open lower on Friday, extending losses from previous session, due to lingering concerns about global economic growth.

The sell-off on Wall Street yesterday amid concerns about excessive valuations in the tech sector, and the resultant weakness in Asian markets today also point to a negative start for European stocks.

In addition to a slew of economic data from Eurozone, the crucial U.S. monthly non-farm payrolls data will also be making a significant impact on price movements in European markets. The euro’s movements will also be closely tracked.

At 2 AM ET, Destatis is scheduled to release Germany’s factory orders data for July. Economists expect factory orders to grow 5 percent on month. In June factory orders rose by as much as 27.9 percent.

At 2.45 AM ET, France’s current account data for the month of July is due. A little later, at 3 AM ET, the Czech Statistical Office will be releasing a report on the country’s retail sales in the month of July. According to expectations, Czech retail sales may have grown 3.6 percent on year in July, after falling 1.9 percent a month earlier.

IHS Markit will release Germany’s construction PMI data for August at 3.30 AM ET. At 4.30 AM ET, UK CIPS/Markit construction PMI data is due. The index is seen rising to 58.5 in August after coming in with a score of 58.1 in July.

Later, at At 6.00 AM ET, second quarter GDP data is due from Ireland.

Despite a firm start and a subsequent long spell in positive territory, European markets tumbled in the final hour on Thursday. The pan European Stoxx 600 declined 1.4 percent, the U.K.’s FTSE 100 ended down 1.52 percent, Germany’s DAX slid 1.4 percent and France’s CAC 40 shed 0.44 percent, while Switzerland’s SMI lost 1.58 percent.

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2020-09-04 01:42:47

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