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European Shares Set For Steady Open

us premarket 010219 14oct21 lt

European stocks are likely to open on a positive note Thursday amid signs that the Federal Reserve will announce a plan to taper asset purchases in either mid-November or mid-December.

Asian markets moved higher along with U.S. equity futures amid bets on sustained economic recovery.

Chinese inflation data for September proved to be a mixed bag, with consumer price inflation softening last month while factory-gate inflation soared to the highest level in almost 26 years, boosted by soaring prices of raw materials.

Longer term Treasury yields pared an overnight rally and the dollar hovered near its lowest level this week against major peers, while oil prices rose on data showing a bigger-than-expected draw in U.S. gasoline and distillate stocks.

Singapore's dollar rose after the country's central bank unexpectedly tightened monetary policy to ensure medium-term price stability amid mounting cost pressures.

Overnight, U.S. stocks ended broadly higher after data showed consumer prices rose by slightly more than expected in September and the minutes of the Fed's September meeting showed central bankers discussed an illustrative tapering path to gradually scale back asset purchases.

The tech-heavy Nasdaq Composite climbed 0.7 percent and the S&P 500 rose 0.3 percent while the Dow ended flat with a negative bias.

European stocks advanced on Wednesday as investors cheered fairly strong earnings updates and positive exports data from China.

The pan European Stoxx 600 rose 0.7 percent. The German DAX gained 0.7 percent, France's CAC 40 index added 0.8 percent and the U.K.'s FTSE 100 edged up 0.2 percent.

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