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Thursday, October 28, 2021
Stocks & Shares

European markets set to open lower as global stocks pause

global stocks

The FTSE 100 is expected to drop by around 43 points, DAX is seen around 97 points lower and CAC 40 expected to fall by around 36 points

European markets are set to open lower Monday morning as global stocks pause for breath following a bumper month on the back of positive vaccine news.

Britain’s FTSE 100 is set to fall by around 43 points to 6,325, Germany’s DAX is expected to drop by around 97 points to 13,239 and France’s CAC 40 is seen around 36 points lower at 5,562, according to IG data.

European stocks are set for a mixed handover from Asia-Pacific, with mainland Chinese shares leading gains after China’s National Bureau of Statistics announced Monday that the official manufacturing Purchasing Managers’ Index (PMI) for November was at 52.1, exceeding expectations.

In the US, stock futures dipped in overnight trading with Wall Street still set to close out a record-breaking month of gains.

Back in Europe, talks between the U.K. and the European Union are heading into a “very significant” week, British Foreign Minister Dominic Raab said Sunday, with time running out for the two sides to iron out lingering disagreements over their post-Brexit trading relationship.

Meanwhile, investors will have one eye on this week’s meeting of OPEC and allies, led by Russia, with the group of major oil-producing countries set to decide on whether to extend large production cuts into 2021.

In corporate news, the Financial Times reported on Saturday that HSBC is considering exiting its U.S. retail banking operations in a bid to improve performance in its North American business.

European Central Bank President Christine Lagarde is due to speak at 11:30 a.m. CET and preliminary inflation data is due from Spain, Italy and Germany on Monday.

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