February 3, 2023

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European Shares Seen Opening Firm As Shanghai Lifts Lockdown

2 min read

European stocks are set to open a tad higher on Wednesday as Shanghai lifted a painful two-month lockdown and a private survey showed China’s factory activity shrank at a slower pace in May.

The Caixin/Markit manufacturing PMI rose to 48.1 in May from a 26-month low of 46.0 the previous month.

Asian markets traded mixed while the dollar hit a two-week high against the yen after U.S. President Joe Biden reiterated the Federal Reserve’s “laser focus on addressing inflation” ahead of the November midterms.

Gold touched a near two-week low as gains in benchmark U.S. 10-year Treasury yields reduced its safe-haven appeal.

Oil prices nudged higher in Asian trade on expectations of firmer fuel demand from China.

Overnight, U.S. stocks closed lower and U.S. Treasury yields rose sharply as the EU’s Russian oil ban lifted crude prices to new highs, raising fresh concerns about inflation and aggressive policy tightening.

The Dow dipped 0.7 percent, the S&P 500 shed 0.6 percent and the tech-heavy Nasdaq Composite eased 0.4 percent.

European stocks fell for the first time in four sessions on Tuesday, with sentiment hit by hawkish comments from a Federal Reserve official and higher-than-expected Eurozone inflation print.

The pan European Stoxx 600 declined 0.7 percent. The German DAX gave up 1.3 percent and France’s CAC 40 index fell 1.4 percent while the U.K.’s FTSE 100 edged up 0.1 percent.

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2022-06-01 01:37:06

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