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European Shares Set To Open On Stable Note

european market 021219 23jun20 lt

European stocks look set to open higher on Tuesday after U.S. President Donald Trump said that the U.S.-China trade deal is intact, easing doubts sparked by comments from Trump aide Peter Navarro that the trade deal signed in January was over.

Peter Navarro, director of trade and manufacturing policy at the White House, appeared to tell Fox News on Monday evening that the trade deal with China is "over."

He linked the breakdown in part to Washington's anger over Beijing's not sounding the alarm earlier about the coronavirus outbreak.

Asian markets are moving higher, but the upside remains limited as Brazil and India grappled with a surge in infections and Beijing reported its second straight day of record Covid-19 infections.

Meanwhile, New York City, the epicentre of the U.S. outbreak, eased restrictions after 100 days of lockdown.

The dollar held steady while gold and oil prices slipped as Navarro later said that his comments had been taken out of context.

In economic releases, flash Purchasing Managers' survey data from euro area and the U.K. are due later in the session, headlining a light day for the European economic news.

Across the Atlantic, traders are likely to keep an eye on a Commerce Department report on new home sales.

U.S. stocks gained ground overnight despite several U.S. states, and much of Latin America, particularly Brazil, reporting huge spikes in new coronavirus cases.

The tech-heavy Nasdaq Composite climbed 1.1 percent to extend gains for the seventh straight session and reach a fresh record closing high. The Dow Jones Industrial Average rose 0.6 percent and the S&P 500 added 0.7 percent.

European markets ended Monday's session lower as traders remained concerned about rising virus infections in the U.S. and other parts of the world.

The pan European Stoxx 600 shed 0.8 percent. The German DAX and France's CAC 40 index both fell by 0.6 percent, while the U.K.'s FTSE 100 declined 0.8 percent.

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