European Shares Set To Open Little Changed
2024-08-27
3918
(fxcue news) - European stocks are seen opening little changed on Tuesday in the absence of cues from Wall Street.
U.S. index futures signal a negative open ahead of key private sector PMI and labor market data due this week.
The ISM Manufacturing and Services PMI figures due later today and on Thursday, respectively could give investors further insights into the world's largest economy.
Friday's U.S. jobs report is crucial as an apparently cooling labor market might reignite recession fears and fuel speculation of a 50-basis point rate cut in mid-September.
Asian markets were broadly lower, giving up early gains due to jitters over China's economy and a significant escalation of geopolitical tensions after two crude oil tankers, the Saudi-flagged Amjad and Panama-flagged Blue Lagoon I, were attacked in the Red Sea by Yemen's Iran-backed Houthi rebels.
Meanwhile, intense diplomatic efforts are underway involving the United States, Egypt and Qatar to secure a ceasefire in Gaza.
Treasuries were little changed in Asian trading and the yen steadied after a four-day drop, while oil and gold were seeing modest losses.
U.S. markets were closed on Monday in observance of Labour Day.
European stocks ended mixed on Monday as data showed continued contraction in eurozone manufacturing activity in August. The pan European STOXX 600 ended flat with a negative bias.
The German DAX edged up 0.1 percent to set a new record close despite populist wins in state election injecting uncertainty.
France's CAC 40 added 0.2 percent while the U.K.'s FTSE 100 slid 0.2 percent.
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