Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

European Stock Futures Edge Higher; High Crude Prices to Boost Energy Sector

Stock MarketsOct 05, 2021 02:07AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - European stock markets are expected to open just higher Tuesday, helped by strength in the heavyweight energy sector, but gains are likely to be restrained following the previous session’s broad selloff on Wall Street.

At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.2% and the FTSE 100 futures contract in the U.K. rose 0.3%.

The positive open for Europe comes despite concerns over losses on Wall Street on Monday, with the tech-heavy Nasdaq Composite, in particular, falling more than 2% on the back of rising Treasury yields as the standoff over the U.S. debt ceiling continues. 

Tech weakness nonetheless translated to selling in Asia, with Japan’s Nikkei 225 falling more than 2%, while markets in mainland China remain closed. 

Back in Europe, the important energy sector is set to get a boost from crude oil prices rising to multi-year highs after the Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, decided to continue increasing output only gradually despite demand recovering as the Delta-variant Covid-19 wave ebbs. Global cases hit their lowest in nearly two months on Monday, according to Johns Hopkins data.

OPEC+ ignored requests from a number of countries, including the U.S. and India, the largest and third largest consumers in the world, to produce more to lower prices.

By 2 AM ET, U.S. crude futures traded 0.1% higher at $77.64 a barrel, while the Brent contract rose 0.1% to $81.30. Both contracts gained well over 2% on Monday, with WTI hitting a seven-year high and Brent reaching a three-year peak.

In corporate news, Swiss Re (OTC:SSREY) will likely be in the spotlight after the reinsurer estimated Tuesday its preliminary claims burden from Hurricane Ida at $750 million, while updating its loss estimate for the July floods in Europe to approximately $520 million. In the U.K., bakery chain Greggs will get attention after raising its profit forecast for the full year despite warning of rising cost pressures.

The auto sector may also be in focus after British new car registrations fell last month by 35% year on year, according to preliminary industry data Tuesday, marking the weakest September for at least 23 years.

Additional economic data scheduled for release Tuesday include French industrial output, the latest Italian GDP reading and the final PMI data for the European region.

Elsewhere, gold futures fell 0.5% to $1,758.55/oz, while EUR/USD traded 0.2% lower at 1.1595.


European Stock Futures Edge Higher; High Crude Prices to Boost Energy Sector

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
J boy Sunday
J boy Sunday Oct 08, 2021 4:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how dhhdi
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email