October 1, 2022

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European Shares Seen Opening Flat In Thin Holiday Trade

2 min read

European stocks may open flat to slightly higher on Thursday, with energy stocks set to decline as oil prices fell around 2 percent in Asian trade following a report of reassurances from Saudi Arabia over production.

The Financial Times reported that Saudi Arabia may be prepared to raise oil production in the event of a sharp drop in Russia’s output.

Financial markets in London are closed today and tomorrow for the Queen’s Jubilee bank holidays.

Asian markets were moving lower amid worries that high inflation and anti-virus lockdowns in parts of the region will eat into corporate profits.

The Chinese mainland reported 18 new local COVID-19 cases, including 11 in Beijing and five in Shanghai in the past 24 hours, according to the National Health Commission.

Markets also remained wary of potential rate hikes by the Federal Reserve.

The Bank of Canada on Wednesday raised its benchmark interest rate by half a percentage point – its third interest-rate increase this year in an effort to throttle skyrocketing inflation. The central bank also signaled that more hikes are on the way.

The dollar hit a three-week high against the yen after a stronger-than-expected report on U.S. manufacturing sent Treasury yields sharply higher overnight.

It’s a light day on the European economic calendar, with Eurozone April PPI figures due later in the day.

Across the Atlantic, reports on private sector employment, initial jobless claims and factory orders may attract attention, although trading activity may be somewhat subdued ahead of the monthly jobs report due on Friday.

U.S. stocks ended another volatile session lower overnight after JPMorgan Chase (JPM) CEO Jamie Dimon urged investors to brace for an economic hurricane.

The latest economic readings proved to be a mixed bag, with job openings declining from record level, while U.S. manufacturing activity unexpectedly accelerated in May.

The latest Beige Book report from the Fed suggested that growth was starting to slow in parts of the…



2022-06-02 01:32:10

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