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 Higher; Evergrande Coupon News Helps

Stock MarketsOct 22, 2021 02:10AM 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 higher Friday, helped by gains in Asia on reports that embattled property group China Evergrande was set to pay interest on a dollar bond, just in time to avoid a formal default.

At 2:10 AM ET (0610 GMT), the DAX futures contract in Germany traded largely flat, CAC 40 futures in France climbed 0.5% and the FTSE 100 futures contract in the U.K. rose 0.3%.

China Evergrande Group (HK:3333) remitted $83.5 million in coupon payments to a trustee account at Citibank on Thursday, according to a report from Reuters, meaning the deeply indebted company will be able to pay interest to all bondholders before the expiry of a 30-day grace period on Oct. 23.

Back in Europe, U.K. retail sales fell by 0.2% on the month in September, dropping 1.3% on the year, a weaker result than expected, with the country seeing a surging number of Covid infections, including a slowly increasing number of hospitalizations and deaths.

Also of interest later Friday will be the release of October PMI data for Germany, France, the U.K. and the European Union.

In the corporate sector, Renault (PA:RENA) will be in the spotlight after the French auto giant warned that its production losses in 2021 because of a global semiconductor chip shortage would be far larger than previously forecast.

Evidence of the difficulties facing the semiconductor sector came from U.S. company Intel (NASDAQ:INTC) late Thursday, when it issued a weaker than expected sales report late Thursday citing an industry-wide chip shortage for its revenue miss.

On the flip side, Remy Cointreau 's (PA:RCOP) sales rose by a stronger-than-expected 23.7% in the second quarter, boosted by strong demand for its premium cognac in the United States, China and Europe. 

Late Thursday, L'Oreal posted better-than-expected third-quarter revenue growth, with the world’s largest cosmetics company boosted by continued strong demand from Chinese consumers.

Crude prices edged lower Friday, continuing the previous session’s selling after Russian President Vladimir Putin indicated that a group of top producers, known as OPEC+, could increase supply by more than had previously been announced.

Still, these comments came after oil rallied to the highest level since 2014 earlier this week as a global energy crunch, prompted by coal and gas shortages in China, India and Europe, led to power providers switching to diesel and fuel oil. This has coincided with a broader economic recovery from the pandemic. 

By 2:10 AM ET, U.S. crude futures traded 0.8% lower at $81.81 a barrel, while the Brent contract fell 0.9% to $83.86.

Additionally, gold futures rose 0.4% to $1,788.35/oz, while EUR/USD traded 0.1% higher at 1.1625.


European Stock Futures Higher; Evergrande Coupon News Helps

Related Articles

3 Stocks with Monster Earnings Potential
3 Stocks with Monster Earnings Potential By StockNews - Nov 29, 2021

A rebounding economy and strong earnings growth this year have driven the market to new highs. While this high growth isn't expected to continue for the broad market, there are...

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)
michael engel
michael engel Oct 22, 2021 2:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Currently UST10Y - DET10Y is 1.77%.The next stop is between 2.4% - 2.6%, or about 2.5%, but if it exceed Oct 22 2018 top @2.83%, it might reach 4%. Why ? European recession.
Steffen vdm
Steffen vdm Oct 22, 2021 2:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
European recession? What? Where? Covid cases up? Inflation? Everything is going awesome! According the experts....
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