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Saturday, December 10, 2022
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European stocks set to start August trading with mixed open

European stocks

U.K.’s FTSE index is seen opening 8 points lower at 7,420, Germany’s DAX up 1 point at 13,478 and France’s CAC 40 down 9 points at 6,442, according to IG

European stocks are expected to open in mixed territory on Monday, kicking off August trading on uncertain footing.

The U.K.’s FTSE index is seen opening 8 points lower at 7,420, Germany’s DAX up 1 point at 13,478, France’s CAC 40 down 9 points at 6,442 and Italy’s FTSE MIB down 55 points at 22,343, according to data from IG.

The mixed open anticipated for European stocks today comes after the region’s markets closed the month of July higher on Friday, and logged their best month since November 2020.

Investors digested a fresh swathe of corporate earnings and key economic data out of the euro zone last week, with data released last Friday showing economic growth in the euro zone accelerated in the second quarter, despite the escalating gas crisis and record-high inflation.

The 19-member bloc posted a 0.7% rise in gross domestic product, exceeding expectations for growth of 0.2% and contrasting sharply with the negative annualised readings out of the United States in the first and second quarter.

Elsewhere overnight, U.S. stock futures fell following Wall Street’s best month since 2020 as investors look ahead to another week of key earnings reports and economic data, particularly Friday’s nonfarm payrolls report from the Bureau of Labor Statistics, which will give more insight into the strong labour market.

So far this year, the solid growth of jobs has prompted economists to say the U.S. is currently not in a recession, even with two consecutive quarters of negative GDP.

In Asia-Pacific markets, mainland China stocks rose along with most other regional indexes on Monday as a private survey on Chinese factory activity showed slight growth.


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