logo
Plus   Neg
Share
Email

European Shares Set To Open On Firm Note

asian-up_11mar19-lt.jpg

European stocks may open on a steady note Monday, tracking gains in the dollar after Fed Chair Jerome Powell said on Friday that interest rates are currently "appropriate" and "roughly neutral."

The dollar hovered close to a near three-month high amid global growth concerns, while the British pound fell for an eighth day, the longest-losing streak in 10 months, on uncertainty over Britain's exit from the European Union.

After Prime Minister Theresa May failed to secure significant concessions from the European Union in the latest round of talks, and with just two cabinet ministers backing her, she is facing increasing pressure to resign, the Telegraph reported.

It is believed that Tuesday's vote on her Brexit deal could result in an even worse humiliation.

Asian stocks are trading mixed as growth worries intensified and investors awaited more details about Sino-U.S. trade talks.

Meanwhile, after new bank loans in China fell more than expected in February, China's central bank on Sunday pledged more policy support.

Gold slipped on dollar strength while oil prices rose, lifted by comments from Saudi oil minister Khalid al-Falih that it would be too early to change OPEC+ output policy at the group's meeting in April.

U.S. stocks fell for the fifth day running on Friday as disappointing exports data from China as well as weak U.S. jobs figures added to investor concerns over cooling global growth.

The world's largest economy added just 20,000 jobs in February, compared with expectations of nonfarm payrolls rising by 180,000.

The Dow Jones Industrial Average dipped 0.1 percent while the tech-heavy Nasdaq Composite and the S&P 500 slid around 0.2 percent.

European markets ended notably lower on Friday amid worries about growth, trade tensions and Brexit-related fears.

The pan European Stoxx 600 gave up 0.9 percent. The German DAX dropped half a percent while France's CAC 40 index and the U.K.'s FTSE 100 both declined by 0.7 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT