Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

European Stock Futures Largely Flat; Coronavirus Developments Eyed

Stock Markets Jan 13, 2021 02:04AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse 

Investing.com - European stock markets are seen opening largely unchanged Wednesday, with investors keeping a wary eye on developments surrounding the coronavirus while monitoring the U.S. political turbulence.

At 2:05 AM ET (0705 GMT), the DAX futures contract in Germany and the CAC 40 futures in France traded less than 0.1% higher and the FTSE 100 futures contract in the U.K. rose 0.1%.

The near-term outlook for the European economy darkened on Tuesday after a report by the newspaper Bild suggested German Chancellor Angela Merkel wanted to extend the current lockdown in Europe's largest economy through the end of March. 

"It seems the December trading enthusiasm, driven by the prospect of a global economic recovery, is now being offset by alarming Covid-19 numbers as well as valuation concerns over stocks that went far away from their equilibrium price," said Pierre Veyret, a technical analyst with ActivTrades, in a morning note.

Global equity markets have posted strong gains over the last few weeks, boosted by low interest rates and monetary and fiscal stimulus from central banks and governments alike, but also the idea that vaccinations were coming.

Later Wednesday, the U.S. House of Representatives is set to vote to impeach President Donald Trump over the recent turmoil in the U.S. Capitol. Vice President Mike Pence resisted pressure on Tuesday to invoke the 25th Amendment to remove Trump, saying it would not be the country’s best interest. An impeachment trial could proceed even after Trump leaves office on Jan. 20.

Back in Europe, trading updates are expected from retailers Sainsbury’s, Persimmon (LON:PSN) and ASOS (LON:ASOS), while Spanish telecom company Telefonica (NYSE:TEF) has agreed to sell its mobile phone masts in Europe and Latin America to U.S.-based telecom infrastructure operator American Towers for 7.7 billion euros ($9.41 billion) in cash. 

November industrial production figures for the euro zone are also due. The euro-area economy is poised to shrink again at the start of this year as the resurgent pandemic plunges the region into a double-dip recession.

Oil prices continued to climb Wednesday, boosted by industry data showing a larger-than-expected draw in U.S. inventories, again suggesting that the U.S. measures to contain the latest surge in the pandemic had had less effect on demand than those in Europe.

Oil stocks in the U.S. dropped by 5.8 million barrels last week, data from the American Petroleum Institute showed late Tuesday, more than the expected fall of 2.7 million barrels. The government agency, the Energy Information Administration, releases its data later Wednesday.

U.S. crude futures traded 0.9% higher at $53.70 a barrel, while the international benchmark Brent contract rose 1% to $57.14. Both benchmarks are trading at their highest levels since February.

Elsewhere, gold futures rose 0.8% to $1,858.95/oz, while EUR/USD traded 0.1% higher at 1.2215.

 

European Stock Futures Largely Flat; Coronavirus Developments Eyed
 

Related Articles

Dow Futures Move Higher Following Public Holiday
Dow Futures Move Higher Following Public Holiday By Investing.com - Jul 04, 2022 9

By Oliver Gray  Investing.com - U.S. Stock futures were higher overnight trading on Monday, with major benchmark averages remaining closed during regular hours for a public holiday...

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 Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
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 (2)
Yandisa Mtyide
Yandisa Mtyide Jan 13, 2021 2:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Global economic recovery, 2021? We are in a middle of a deadly virus. It will take years to get back to normal. It is getting worse by the day, people are dying and starving. Vaccines came a bit too late I am afraid, this will wreck havoc for months and years to come.
alex gallegos
alex gallegos Jan 13, 2021 2:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So why is the market at all time highs?
Elvis Durant
Elvis Durant Jan 13, 2021 2:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
alex gallegos Fake Market. Totally disconnected from reality
Yandisa Mtyide
Yandisa Mtyide Jan 13, 2021 2:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Global economic recovery, 2021? We are in a middle of a deadly virus.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
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 Investing.com'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
Continue with Google
or
Sign up with Email