February 7, 2023

LONDON – European markets are set to advance cautiously on Monday as investors continue to monitor corporate earnings and key economic data points, and assess the risks of a recession.

The British FTSE 100 is expected to rise about 19 points at 7459, the German DAX is expected to gain about 54 points to 13628, and the French CAC 40 is expected to add about 21 points to 6493.

The pan-European Stoxx 600 closed Friday’s session about 0.8% lower after an unexpectedly strong US jobs report lowered expectations of a recession, and in turn increased the likelihood of the Federal Reserve tightening monetary policy more aggressively to cut inflation.

Markets in the Asia-Pacific region were mixed overnight, as the tech-heavy Hang Seng Index in Hong Kong weighed heavily on the region.

US stock futures were flat after the S&P 500 closed for the third consecutive positive week, with investors’ attention turned to Wednesday’s headline inflation report.

On the European data front, the Sentix Eurozone Economic Sentiment Index for August is due out on Monday morning.

Corporate earnings continue to drive individual stock price action in Europe, with Siemens Energy, Porsche and BioNTech among the companies reporting before the bell on Monday.

Subscription to CNBC PRO For exclusive insights, analytics, and live action day programming from around the world.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *