June 24, 2022

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European Shares Poised To Open Slightly Lower

2 min read

European stocks may open on a cautious note Tuesday as investors track the latest developments in Ukraine.

Given strong evidence of war crimes, the Biden administration and European allies are expected to tighten sanctions on Russia.

As the UN Security Council prepares to discuss Ukraine, U.S. President Joe Biden has called for a war crimes trial over the alleged atrocities against civilians in Bucha.

Asian stocks traded mixed in thin trade, with financial markets in China, Hong Kong and Taiwan closed for public holidays.

The World Bank has downgraded its 2022 growth forecast for the Asia-Pacific region to 5 percent from 5.4 percent, citing disruptions to supplies of commodities, financial strains and higher prices.

Oil extended overnight gains as supply fears persisted and Saudi Arabia raised oil prices for customers in all regions.

The U.S. dollar slipped against the yen and yield on the 10-year Treasury was at 2.40 percent, as investors await the release of FOMC minutes on Wednesday for additional clues on the outlook for rates.

Final Purchasing Managers’ survey results from the euro zone and the U.K. are due later in the session, headlining a light day for the European economic news.

Across the Atlantic, trading may be impacted by reaction to the latest reports on the U.S. trade deficit and service sector activity.

U.S. stocks rose overnight, led by gains in the technology sector after Elon Musk disclosed that he bought a chunk of Twitter Inc. stock.

The Nasdaq Composite jumped as much as 1.9 percent while the S&P 500 added 0.8 percent and the Dow gained 0.3 percent.

European stocks closed higher on Monday despite talk of more Western sanctions on Moscow.

The pan European Stoxx 600 advanced 0.8 percent. The German DAX rose half a percent, France’s CAC 40 index climbed 0.7 percent and the U.K.’s FTSE 100 inched up 0.3 percent.

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2022-04-05 01:37:03

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