Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

European stock futures lower; crypto turmoil, U.S. political uncertainty weigh

Stock Markets Nov 10, 2022 01:57AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
-1.05%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
-2.49%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MRCG
+1.01%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE30
-0.64%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Gold
-2.75%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LCO
-2.86%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse 

Investing.com - European stock markets are expected to open lower Thursday, with turmoil in the crypto market dampening sentiment while investors continue to digest U.S. midterm elections as well as quarterly corporate results.

At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.5% lower, CAC 40 futures in France dropped 0.4% and the FTSE 100 futures contract in the U.K. fell 0.3%.

The U.S. political climate remained uncertain Thursday, two days after the midterm elections, with Republicans edging closer to securing a majority in the House of Representatives, while control of the Senate hung in the balance.

U.S. President Joe Biden stated Wednesday that he is “prepared to work” with Republicans if they win control of one or both chambers of Congress, but that would allow Republicans to make it very difficult for Biden to pass any legislation that they have difficulty with.

Adding to the risk-averse mood is the wave of cryptocurrency selling prompted by the financial difficulties at crypto exchange FTX. Bigger rival Binance announced Thursday that it has walked away from a bailout after due diligence.

Back in Europe, quarterly corporate earnings continue to flow.

Deutsche Telekom (ETR:DTEGn) lifted its full-year guidance after strong third-quarter profit, boosted by its T-Mobile US (NASDAQ:TMUS) business adding customers, while Merck KGaA (ETR:MRCG) reported better-than-expected quarterly earnings on higher revenues from pharmaceuticals and biotech lab equipment.

Credit Agricole SA (EPA:CAGR) reported higher than expected profits in the third quarter, driven mainly by a rise in corporate loans and consumer finance revenues, while Zurich Insurance Group (SIX:ZURN) announced it will likely take a net $550 million pretax hit from Hurricane Ian.

The European data slate is largely empty Thursday, with the day’s main focus set to be on U.S. inflation data later in the session. Economists expect the annual headline rate to fall to 8.0%, the lowest since February.

Oil prices edged lower Thursday, continuing to retreat on concerns for demand growth from China, the world’s largest importer, on renewed COVID restrictions as cases surge, coupled with a rise in U.S. crude oil inventories.

The city of Guangzhou, a key manufacturing hub, reported more than 2,000 new cases for Nov. 9, the third day above that level, while local cases across China reached their highest since April 30.

U.S. crude oil stockpiles rose by 3.9 million barrels last week, according to data from the Energy Information Administration Wednesday, taking inventories to their highest since July 2021. 

The bulk of this increase, however, could be put down to a roughly 3.5 million barrel drawdown from the Strategic Petroleum Reserve.

By 02:00 ET, U.S. crude futures traded 0.2% lower at $85.69 a barrel, while the Brent contract fell 0.1% to $92.58. 

Brent prices have dropped more than 6% so far this week, while WTI is down more than 7%.

Additionally, gold futures fell 0.1% to $1,711.90/oz, while EUR/USD traded 0.2% higher at 1.0029.

European stock futures lower; crypto turmoil, U.S. political uncertainty weigh
 

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.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

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)
Adebayo Adekunle
Adebayo Adekunle Nov 10, 2022 3:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hello
Alan Fredrid
Alan Fredrid Nov 10, 2022 2:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
 
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