European markets open to close: Stocks

LONDON – European stocks look set to start the week higher as attention shifts from the Omicron Covid variant to monetary policy decisions by some of the world’s biggest central banks.

Britain’s FTSE is seen opening 21 points higher at 7,023, Germany’s DAX is up 71 points at 15,702 and France’s CAC is expected to open 31 points higher at 7,023, according to IG.

This is set to be an important week for monetary policy with the US Federal Reserve, the Bank of Japan, the Bank of England and the European Central Bank all set to make their decisions this week. this.

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It comes amid growing focus on hyperinflation and how central banks will respond. On Friday, USA Inflation increased at fastest rate since 1982, but markets managed to dismiss it with the S&P 500’s best weekly gain since February.

In Monday morning notes, Societe Generale Chief Global Economist Klaus Baader addressed central banks’ heavy agenda this week.

He expects: “acceleration fades and signals the Fed will raise rates sooner” and “intention to bring PEPP .” [pandemic emergency purchase program] held by the ECB. “He also found the BoE “reluctant” to keep its position and the Bank of Japan to keep its accommodative stance.

U.S. stock futures are trade a little higher early Monday. Meanwhile in Asia, markets soar as traders overcome fears about the transmissibility and severity of the new omicron Covid variant.

UK on Sunday raise its Covid threat level, with Prime Minister Boris Johnson warning of a “tidal wave” of Covid cases as a result of the omicron. From this week, all adults in the UK will also be offered booster shots.

“It is clear that two doses of the vaccine are not enough to provide the level of protection we all need,” Johnson said. “But the good news is that our scientists are confident that with a third, booster dose, we can all recover our level of protection.”

On the data front in Europe, investors will keep an eye on the Bank of England’s financial stability report and UK stress test results. Bank manager Andrew Bailey is scheduled to hold a press conference at 5:30pm London time.

The group of major oil producers OPEC will also release its closely watched monthly oil market report. Oil prices rise on Monday amid growing hope that the impact of omicrons will be less severe than initially feared and demand will remain strong.

When it comes to individual stock action, Credit Suisse announced a board overhaul early Monday.

Meanwhile, Santander was ordered on Friday to pay Andrea Orcel 68 million euros ($76.42 million) for withdrawing his offer of the CEO position.

– CNBC’s Saheli Roy Choudhury contributed to this report.


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