European stock markets are expected to open weak on Thursday amid renewed fears over inflation and rate hikes. Soaring bond yields and worries about corporate earnings and the economic recession could dampen sentiment in Thursday’s trading.
On Wednesday, new inflation data dragged down European indices, led by the Swiss SMI which plunged 0.89%. The pan-European Stoxx 600 lost 0.53% while the French CAC 40 erased 0.43%. The German DAX lost 0.19%. The UK’s FTSE 100, however, managed to limit losses to 0.17%.
Wall Street also closed with losses on Wednesday amid concerns about inflation and corporate earnings forecasts. The Nasdaq Composite lost 0.90% to close at 10,680.51 while the Dow Jones Industrial Average lost 0.33% to end trading at 30,423.81.
The FTSE 100 Futures (December) is trading up 0.01%. The DAX Futures (December) is trading down 0.11%. The CAC 40 Futures (November) closed down 0.31% on Wednesday.
The US dollar index, which measures the strength of the dollar against a basket of six currencies, has weakened slightly and currently stands at 112.83. EUR/USD gained 0.13% to 0.9784, while GBP/USD gained 0.10% to 1.1225.
Gold futures for December settlement gained 0.3% to trade at $1,638.45 a troy ounce from $1,634.2 on Wednesday, amid a slight pullback in the price. dollar.
WTI Crude Futures for December settlement is trading at $85.67, up 1.36%, while Brent Crude Futures for December settlement is trading at $93.18, up 0, 83% compared to the previous close. Price spike comes amid unexpected drop in U.S. crude oil inventories
US stock futures are showing slightly positive trends, with the US 30 index (DJIA) up 0.3% and the US500 (S&P 500) up 0.04%.
Asian markets are mostly trading lower amid renewed fears of hawkish Fed actions and worsening economic trends in China. Losses at Hang Seng in Hong Kong reached 2.2%. South Korea’s KOSPI fell 1.3%, while Japan’s Nikkei 225 and Australia’s S&P ASX 200 are both trading down 1.2%. The New Zealand NZX 50 lost 0.8%. China’s Shanghai Composite is trading down 0.4% as part of the PBOC’s status quo on rates. India’s Nifty 50 edged down 0.2%.
Germany is awaiting producer price data for September, and it is expected to rise 1.3% from 7.9% the previous month. Data on Switzerland’s trade surplus is also expected before the market opens. Business confidence readings for October in France, which is estimated at 101 from 102 the previous month, are also due out on Thursday.
The main updates of the expected results concern L’Oréal (OREP), Hermes International (HRMS), Kering (PRTP), Pernod Ricard (PERP), Edenred (EDEN), Getlink (GETP) and Gecina (GFCP).
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