European Markets Seen Opening On A Firm Note

2024-11-10 1108
(fxcue news) - European markets are expected to open on Tuesday on a positive note even as markets focus on the health of the corporate sector and the potential monetary policy trajectory. Markets would also take cognizance of the easing in global bond yields as well as a pause in the Dollar's surge. Wall Street had closed on a mixed note on Monday, ahead of key earnings updates. Prospect of slower-than-expected rate cuts by the Fed also weighed on sentiment. Nasdaq Composite added 0.60 percent to close trading at 18,791.81 whereas the Dow Jones Industrial Average shed 0.13 percent to finish trading at 43,389.60. Mixed sentiment prevailed in the European bourses on Monday as markets digested the earnings updates as well as braced for guidance from central bank speakers. U.K.'s FTSE 100 rallied 0.57 percent followed by France's CAC 40 that gained 0.12 percent. Switzerland's SMI added 0.04 percent. Germany's DAX and the pan-European Stoxx-50, both shed 0.11 percent. Current indications from the European stock futures indicate a positive sentiment. The DAX Futures (Dec) has gained 0.40 percent. The CAC 40 Futures (Dec) has added 0.46 percent. The FTSE 100 Futures (Dec) has also rallied 0.35 percent. The pan-European Stoxx 50 Futures (Dec) has increased 0.48 percent. The SMI Futures (Dec) finished Monday's trading on a flat note. American stock futures are trading positive. The US 30 (DJIA) is trading 0.11 percent higher, whereas the US500 (S&P 500) is trading 0.16 percent above the flatline. Asian stock markets are trading on a mixed note. Australia's S&P ASX 200 has rallied 0.89 percent whereas DJ New Zealand has added 1.55 percent. India's Nifty 50 is also trading 1.2 percent above the flatline. Japan's Nikkei 225 benchmark has gained close to 0.49 percent. South Korea's KOSPI has edged up 0.12 percent. China's Shanghai Composite has slipped 0.91 percent whereas Hong Kong's Hang Seng has shed 0.16 percent. The Dollar Index, a measure of the U.S. dollar's strength relative to six currencies, is steady at 106.28 on Tuesday. The index had suffered losses on Monday after a massive surge the week earlier. The EUR/USD pair has slipped 0.12 percent to 1.0586 whereas the GBP/USD pair has edged down 0.05 percent to trade at 1.2670. Amidst safe haven demand, gold extended gains after a strong rebound on Monday. Gold Futures for December settlement is trading at $2,627.00, which is 0.47 percent higher than the previous close of $2,614.60. Supply concerns and escalation in tensions between Russia and Ukraine supported crude oil prices. Brent Crude Futures for January settlement edged up 0.05 percent to trade at $73.34 whereas WTI Crude Futures for January settlement added 0.06 percent to trade at $69.21. Final inflation readings for October from the Euro Area as well as trade data for October from Switzerland are awaited during the day. Major earnings updates due from the region on Tuesday include SalMar, British American Tobacco, Lonza Group, UCB, Exor, Legal & General Group, NN Group, Julius Baer Gruppe, D'leteren and Ageas.
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