December 9, 2022

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European Shares To Open On Cautious Note Amid China COVID Surge

2 min read

European stocks may open on a cautious note Friday as investors weigh easing rate hike worries against a worsening COVID situation in China.

China reported another record high of daily COVID cases and tightened pandemic curbs across the country, raising concerns about the economic outlook.

Asian markets traded mixed, as China’s daily COVID infections broke through 30,000 for the first time ever and data showed Tokyo inflation hit its highest level in 40 years in November.

Copper, gold and oil all traded higher as the dollar extended recent declines to hold near a three-month low.

In economic releases, quarterly national accounts and consumer sentiment survey results from Germany are due later in the session.

The French statistical office INSEE publishes consumer sentiment survey results. The corresponding index is seen at 83 in November versus 82 in October.

U.S. markets were closed on Thursday for the Thanksgiving holiday and will close early today.

European stocks hit fresh three-month highs on Thursday amid signs the Fed may slow down the pace of interest rate hikes at upcoming meetings.

Meanwhile, the ECB’s October meeting minutes suggested the central bank might ‘pause’ monetary tightening if there was a prolonged and deep recession.

The pan European STOXX 600 gained half a percent. The German DAX climbed 0.8 percent and France’s CAC 40 index edged up 0.4 percent while the U.K.’s FTSE 100 ended little changed with a positive bias.

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2022-11-25 00:33:48

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