December 9, 2022

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European Shares Seen Opening Up Despite Wall Street Slide

2 min read

European stocks may open slightly higher on Tuesday even as fresh COID-10 curbs in several Chinese cities, including the capital, Beijing, added to concerns about an economic slowdown in the world’s second-largest economy.

The major cities of Guangdong and Shijiazhuang ordered millions of residents to stay home, and Beijing shut parks and museums, while other cities resumed mass testing for COVID-19.

Asian markets traded mostly higher, as the U.S. dollar weakened, and bond yields held steady following less-hawkish commentary from Fed policymakers at the start of holiday-shortened week.

Gold ticked higher on dollar weakness, while oil edged up after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies.

In economic releases, public sector finances data from the U.K., euro area current account data for September and euro area consumer sentiment survey results are due later in the session.

U.S. stocks ended lower overnight on growth concerns, as COVID lockdowns returned in China and Federal Reserve Bank of San Francisco President Mary Daly said it is premature to rule large-sized rate hike at the next policy meeting in December.

Cleveland Fed Bank President Loretta Mester said he doesn’t see any pause in the rate hike cycle yet.

Atlanta Federal Reserve President Raphael Bostic said he favors slowing the pace of interest rate increases, with no more than 1 percentage point more of hikes.

The Dow slipped 0.1 percent and the S&P 500 shed 0.4 percent while the tech-heavy Nasdaq Composite lost 1.1 percent.

European stocks ended Monday’s session on a weak note as investors assessed the outlook for inflation, interest rates and economic growth.

The pan European STOXX 600 finished marginally lower. The German DAX slipped 0.4 percent, France’s CAC 40 index slid 0.2 percent and the U.K.’s FTSE 100 eased 0.1 percent.

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2022-11-22 00:34:33

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