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European Markets To Open Lower On Strike Fears

ByAvaTrade
AuthorDavid M. Frank
Published 11/14/2012, 04:26 AM
Updated 02/02/2022, 05:40 AM

European Markets are set to open this morning as investors are eying strikes in Spain, Greece, Italy and Portugal.

The futures on the UK benchmark, FTSE, are down 33 points. The DAX in Germany are down 30 points and French CAC is 23 points lower at the time of this report.

These anti austerity strikes will happen throughout Europe southern economies. Strikes will shut down transportation and schools to protest spending cuts and tax hikes. Strikes in Greece and Italy will also cause heavy stoppages.

Also causing unease, the EU budget talks as the European Parliament is boycotting EU governments on Tuesday. The parliament has refused to discuss the fiscal 2013 budget and have not agreed on a supplementary 2012 spending budget worth €9 billion.

Today the Bank of England (BoE) will release the quarterly inflation report. This comes after Tuesday’s CPI release showed consumer prices rose sharply in October. The Office for National Statistics said inflation was up 2.7 percent in October. This is up from 2.2 percent from September. We are expecting a CPI print at 2.3%.

On the corporate docket we will see earnings from Natixis, RWE, Bauer, Deutche Postbank and Bilfinger in Germany. Italian companies of EEMS Italia and Credito Emiliano will also report today. In the U.K. the following companies will report earnings: Amec, Pace and WHSmith.

DISCLOSURE AND DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

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