Germany Ifo Index; Bundesbank Monthly Report; updates from Galp Energia, Hermes, HSBC, SSAB. Europe is set for a positive open despite a mixed Asian session so far, as China restricts some travel following a Covid spike. The dollar and Treasury yields were lower, while U.S. oil and gold made further gains.
European stocks drifted lower on uncertainty about the economic outlook and as investors fretted over Chinese property group Evergrande's potential debt default. Miners were weaker on lower commodity prices, while a broad range of companies issued earnings and trading updates against a backdrop of doubts about the impact of the coronavirus delta variant and supply chain disruptions. "Investors' appetite for riskier assets remains uncertain as a positive earnings season...
The FTSE 100 index closed up on Tuesday helped by gains in retail stocks and insurers, as well as expectations from the Bank of England that it could raise rates later in the year as inflation rises and supply-chain pressures continue. According to Michael Hewson of CMC Markets, in the travel and leisure industry the consistent resilience in oil prices continued to act as a drag with IAG being the top loser, down 5.8% after its stock was downgraded to hold from buy by German brokerage...
Stock Futures Edge Higher Ahead of Major Earnings. U.S. stock futures ticked up ahead of a slew of earnings, including from Johnson& Johnson and Procter& Gamble, that investors will parse for insight into how companies are faring with inflation and supply-chain disruptions. Glynn's Take: Standoff in Australia's Bond Market Could Redefine Rates Outlook.
European Commission Assessment of Covid-19's Impact on Economy; Eurozone Construction Output; updates from Deutsche Boerse, Publicis, LVMH, Roche, Aeroports de Paris, Siemens Healthineers, Petrofac, Tele2, BHP Group. European equities should see a mildly-positive start, despite U.S. stocks wavering over global growth concerns. In Asia, stocks mostly gained; the dollar, Treasury yields and oil weakened while gold rose.
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