Sat. Sep 26th, 2020

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European Stocks Seen Opening Mixed; ECB Policy Eyed

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After a strong rally in the previous session, due largely to a rebound in U.S. technology space, European stocks are likely to open on a mixed note Thursday morning, tracking lower U.S. futures.

Asian markets are mostly higher, tracking overnight gains on Wall Street, and on data showing a significant increase in Japanese core machines orders in the month of July.

Investors will continue to follow Brexit news, updates on coronavirus cases and geopolitical news for direction.

The markets will also be reacting to a slew of economic data from the region, but the main focus will be on European Central Bank’s monetary policy announcement, due at 7.45 am ET. A little later, at 8.30 am ET, ECB President Christine Lagarde will be addressing a news conference.

ECB is widely expected to hold policy tools unchanged. Markets will be keen to know the bank’s views on economic recovery, inflation and euro’s surge against the dollar.

Italy’s industrial production data for the month of July, Greece consumer price inflation report, August inflation data for Norway, Denmark, Ireland, Portugal, Romania, Sweden and Czech Republic are due this morning.

France industrial production data for July is due out at 2.45 am ET. Later on, at 9.30 am ET, UK CB Coincidence Index and CB Leading Index scores are due.

On the Brexit front, the UK and the European Union are reportedly set to hold emergency talks amid rising tensions over British Prime Minister Boris Johnson’s move to override some crucial parts of the Brexit withdrawal agreement.

In commodities, WTI crude oil futures for October are down $0.22 or 0.58% at $37.83 a barrel. Brent crude futures are lower by $0.10 or 0.25% at $40.69 a barrel.

On Wednesday, the pan European Stoxx 600 moved up 1.62%. The U.K.’s FTSE 100 climbed 1.39%, Germany’s DAX surged up 2.07%, France’s CAC 40 advanced 1.4% and Switzerland’s SMI closed stronger by 1.52%.

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2020-09-10 01:22:59

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