European Shares Seen Opening Mixed On China Demand Concerns
2024-07-14
3811
(fxcue news) - European stocks are seen opening on a mixed note Friday after a highly anticipated meeting of the Chinese Communist party expected to focus on the economy provided little cheer to investors.
Meanwhile, U.S. streaming giant Netflix posted better-than-expected results for the second quarter but issued soft revenue outlook, sending its shares lower in extending trading Thursday.
U.S. election jitters may also keep investors on the sidelines, with President Joe Biden reportedly facing increased pressure from senior democratic leaders to pull out of his re-election bid.
Asian markets followed Wall Street lower, with tech-heavy Hang Seng index leading regional losses.
Data showed Japan's core inflation rose for the second straight month in June, keeping alive hopes of another interest rate hike.
In another development, Japan's government cut this year's growth forecast as consumption took a hit from rising import costs due to a weak yen.
The dollar index seemed poised to end a two-week losing streak while oil and gold prices slipped from recent highs.
In economic releases, public sector finance and retail sales reports from the U.K. along with current account data from the euro area are awaited later in the day.
U.S. stocks tumbled overnight as technology stocks extended losses amid fears of new trade tensions with China.
On the data front, a measure of regional manufacturing activity improved markedly in July while initial jobless claims increased more than expected last week, adding to concerns about the labor market.
The Dow dropped 1.3 percent after closing at record highs in each of the previous two sessions.
The tech-heavy Nasdaq Composite slid 0.7 percent and the S&P 500 shed 0.8 percent to extend losses from the previous session.
European stocks ended mixed on Thursday as U.K. wage growth slowed in a sign of weakening jobs market and the ECB left options open for a September rate cut after leaving interest rates unchanged.
The pan European STOX 600 eased 0.2 percent. The German DAX fell half a percent, while France's CAC 40 and the U.K.'s FTSE 100 both edged up 0.2 percent.
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