February 3, 2023

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European Shares Set To Follow Asian Peers Higher Ahead Of US Inflation Data

2 min read

European stocks may open on a positive note Friday, as investors await U.S. producer price inflation data as well as the latest readings on inflation expectations for additional clues on the path of U.S. rate hikes.

Asian markets traded mostly higher as optimism about China’s economic reopening offset fears of a possible recession.

After widespread protests across the country, China’s government has signaled a major shift from its nearly three-year zero-COVID strategy of lockdowns and mass testing.

Meanwhile, Chinese inflation data came in roughly in line with expectations.

China’s consumer price inflation rose an annual 1.6 percent in November while the producer price index fell 1.3 percent.

The dollar slipped on recession fears and amid caution ahead of the Fed, ECB and Bank of England policy meetings due next week.

Oil rebounded but was on track for a weekly loss of about 10 percent on worries about fuel demand.

Treasury yields held gains from the previous session while gold ticked higher for the fourth consecutive session.

U.S. stocks rebounded overnight after recent selling on concerns about the outlook for interest rates and the economy.

The S&P 500 edged up 0.8 percent to snap a five-day winning streak, the Dow rose 0.6 percent and the tech-heavy Nasdaq Composite climbed 1.1 percent.

European stocks fell for a fifth day running Thursday on growth worries.

The pan European STOXX 600 dropped 0.2 percent. The German DAX ended flat with a positive bias, while France’s CAC 40 index and the U.K.’s FTSE 100 both slipped around 0.2 percent.

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2022-12-09 00:32:17

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