European stocks Poised for Gains Following Mixed Asian Session, Key Economic data on Tap
LONDON – European stock markets are anticipated to open modestly higher Tuesday, building on positive momentum from Wall Street as investors digest recent corporate earnings and await a flurry of key economic indicators. The S&P 500 climbed 1.5% to 6,832.43, the dow Jones rose 0.8% to 47,368.63, and the Nasdaq Composite surged 2.3% to 23,527.17 in the previous session.
The gains in the U.S. were fueled by a rally in tech stocks, boosted by a surge in Bitcoin‘s price – nearing $106,000 on Monday – which lifted shares of cryptocurrency exchanges Robinhood and Coinbase. This positive sentiment arrives as markets brace for a series of economic releases throughout the day that will offer further insight into the health of major economies, perhaps influencing future monetary policy decisions.
Several corporate developments also moved markets. Hosting company Rumble jumped over 11% following its agreement to acquire Northern Data for $970 million. Meanwhile, a fatal UPS plane crash has grounded all Boeing MD-11 aircraft pending examination, causing UPS shares to fall 3.0% while Boeing saw a slight increase. Visa and Mastercard are nearing a settlement in a long-running dispute with merchants over transaction fees, potentially leading to reduced costs for retailers and greater versatility in card acceptance.
Asian markets presented a more subdued picture, with the Nikkei 225 declining 0.4% to 50,732, the Shanghai Composite falling 0.5% to 3,998, and the Hang Seng dropping 0.3% to 26,563.
Currency markets saw limited movement, with the euro/dollar trading at 1.1562, slightly down from monday evening’s 1.1565. The USD/JPY Yen stood at 154.13 and EUR/JPY Yen at 178.21.
Today’s macro-agenda includes October’s final inflation figures for the Netherlands at 06:30, UK unemployment and wage growth data at 08:00, Germany’s ZEW economic sentiment report at 11:00, and U.S. SME business confidence numbers at 12:00.
Key company news includes Adyen’s Investors Day, Vodafone’s second-quarter earnings report (UK), and Beyond Meat’s third-quarter figures expected (US).
