Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Breaking News

S&P 500 Closes Near 1-Month Low on Sooner Rate Liftoff Talk

European Stock Futures Higher; Draghi Return in Focus

Stock MarketsFeb 03, 2021 02:06AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - European stock markets are seen edging higher at the open Wednesday, helped by progress towards further U.S. stimulus and the vaccine rollout, but disappointing Chinese data may limit gains.

Italian stocks are likely to take the spotlight later after President Sergio Mattarella asked former European Central Bank Governor Mario Draghi to form a government of national unity, something that would end the latest political crisis in Rome. FTSE MIB futures were up 2.7% as of 2:25 AM ET (0725 GMT).

Elsewhere, the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France climbed 0.6% and the FTSE 100 futures contract in the U.K. rose 0.4%.

In the U.S., the Senate began debating a budget resolution for the 2021 fiscal year on Tuesday, the first step towards passing a $1.9 trillion stimulus package proposed by President Joe Biden without Republican support.

The Senate voted along party lines, with Democrats edging out Republicans 50-49, to open debate on a fiscal 2021 budget resolution with coronavirus aid spending instructions. 

Additionally, the roll-out of vaccines in many countries is slowly gathering pace: the U.K. has now  inoculated 10 million of its population, although health authorities remain concerned by the spread of new variants of the Covid-19 virus. AstraZeneca (NASDAQ:AZN) has agreed to deliver nine million more doses of its vaccine to the European Union in the first quarter of this year, a region which has been slow on the inoculation uptake.

Dampening spirits somewhat, January’s Caixin services Purchasing Managers Index, released earlier Wednesday, came in at 52, against December’s 56.3, suggesting a slow down in the recovery in the world’s second largest economy.

The Eurozone composite PMI for January will be published later, as well as inflation numbers for January.

Earnings season continues apace, with the likes of GlaxoSmithKline (NYSE:GSK), Vodafone (NASDAQ:VOD), Glencore (OTC:GLNCY), Volvo (ST:VOLVb), Banco Santander (MC:SAN), Siemens (DE:SIEGn) and Publicis (PA:PUBP) all reporting. 

Oil prices traded mixed, still around the highest levels in a year after an unexpected fall in U.S. crude oil supply. The American Petroleum Institute reported late Tuesday crude inventories fell by 4.3 million barrels last week, compared with expectations for a small build. Data from the U.S. Energy Information Administration is due later in the day.

The Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, said on Tuesday it expects oil stockpiles to fall below their five-year average by June, an important milestone in its campaign to rebalance the market.

U.S. crude futures traded 0.4% higher at $54.99 a barrel, after hitting a one-year high of $55.26 on Tuesday. The international benchmark Brent contract fell 0.1% to $57.78, after earlier climbing to $58.05, its highest in more than 11 months.

Elsewhere, gold futures rose 0.3% to $1,839.75/oz, while EUR/USD traded 0.1% lower at 1.2040.


European Stock Futures Higher; Draghi Return in Focus

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.
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