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European stocks set for tepid open but on course for winning week

Soegeefx AppsEU MarketEuropean stocks set for tepid open but on course for winning week

Key Points

  • Markets in Europe closed higher on Thursday, receiving a boost after British Finance Minister Rishi Sunak announced a range of measures to tackle the country’s cost-of-living crisis.
  • Thursday marked the end of the World Economic Forum, where business leaders, financiers and politicians offered some ominous predictions for the European economy.
  • Russia’s Defense Ministry claimed overnight that it will allow foreign ships to leave ports on the Black Sea and Sea of Azov, according to state news agency Interfax, amid mounting concerns about rising global food prices.

LONDON — European stocks are set for a muted open on Friday but are heading for a positive week, joining global counterparts as fears over a tightening of monetary policy subsided.

Britain’s FTSE 100 is set to shed around 23 points to 7,542, Germany’s DAX is expected to open around 10 points higher at 14,241 and France’s CAC 40 is seen around 7 points higher at 6,418.

Markets in Europe closed higher on Thursday, receiving a boost after British Finance Minister Rishi Sunak announced a range of measures to tackle the country’s cost-of-living crisis, including a so-called “windfall tax” on the profits of oil and gas giants.

Thursday also marked the end of the World Economic Forum, where the world’s leading financiers, politicians and business gathered in Davos, Switzerland, to discuss the issues the global economy faces. Some bleak predictions were offered, particularly for Europe, which many economists see as vulnerable to recession.

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U.S. stock futures were slightly lower in early premarket trade on Friday after a strong previous session on Wall Street set the S&P 500 on course to snap a seven-week losing streak.

Shares in Asia-Pacific advanced in Friday trade, with Hong Kong’s Hang Seng index jumping by around 3%. Tech giant Alibaba soared after the company reported stronger-than-expected fourth-quarter earnings.

Markets also remain attuned to the conflict in Ukraine, with a U.S. official saying Russia is making “incremental progress” in the Donbas region.

Russia’s Defense Ministry claimed overnight that it will allow foreign ships to leave ports on the Black Sea and Sea of Azov, according to state news agency Interfax, amid mounting concerns about rising global food prices.

On the data front, final French first-quarter GDP figures are due to be published Friday, along with Spanish retail sales numbers for April.

Source : CNBC

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