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 Lower; November PMI Data in Focus

Stock MarketsNov 23, 2021 02:01AM 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 expected to open lower Tuesday, ahead of the release of the latest PMI data for the region as Covid-19 cases surge.  

At 2:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.1% lower, CAC 40 futures in France dropped 0.2% and the FTSE 100 futures contract in the U.K. fell 0.4%.

The main focus Tuesday will be on the release of the flash purchasing managers' index data for the Eurozone later in the session, as this will serve as a guide of how business activity in the region has reacted to the recent surge of Covid cases.

The PMI release for the important German manufacturing sector, a key growth driver for the region, is expected to drop to 56.9 in November from 57.8 the previous month. 

This suggests the German economy, the largest in the Eurozone, is likely to lose further momentum in the final three months of the year after gross domestic product expanded by a weaker-than-expected 1.8% quarter-on-quarter from July through September.

On Monday, Austria reintroduced a national lockdown to combat a fresh surge in Covid-19 cases, and German Chancellor Angela Merkel called the situation worse than anything her country has experienced so far, while calling for tighter restrictions.

Market participants will also be digesting the decision by President Joe Biden to reappoint Jerome Powell as chairman of the Federal Reserve. This renomination now heads to the Senate for confirmation, but the tech-heavy Nasdaq Composite and the Treasury market closed sharply lower as investors wagered that he will be more aggressive at tackling inflation than his potential replacement, Fed Governor Lael Brainard, would have been.

In the corporate sector, E.ON (DE:EONGn), Europe's largest operator of energy networks, said Tuesday it is targeting 2-4 billion euros ($2.3-$4.5 billion) in proceeds from asset sales as well as partnerships by 2026, as well as annual savings of 500 million euros.

The number of quarterly earnings being released is slowing, but reports are due Tuesday from Severn Trent (LON:SVT), Compass (LON:CPG) and Kingfisher (LON:KGF).

Crude prices fell Tuesday on growing talk the U.S. will shortly announce a coordinated release of oil from strategic reserves in an attempt to cool elevated prices.

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday, Reuters reported, citing a Biden administration source familiar with the situation.

The likes of India, Japan, South Korea and China, the world’s biggest oil importer, are also expected to join in the release of additional output.

By 2:05 AM ET, U.S. crude futures traded 1.1% lower at $75.91 a barrel, while the Brent contract fell 0.8% to $79.05. 

Additionally, gold futures fell 0.1% to $1,804.00/oz, while EUR/USD traded just higher at 1.1237.

 

European Stock Futures Lower; November PMI Data in Focus
 

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 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.
 
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
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
or
Sign up with Email