Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

European Stock Futures Mixed; Caution Over Rising Covid Cases in India

Stock MarketsApr 21, 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 mixed Wednesday after suffering their worst daily loss so far this year on Tuesday, amid hopes that a positive corporate earnings season will calm concerns about the march of Covid-19 in India. 

At 3:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.2% higher, the FTSE 100 futures contract in the U.K. rose 0.2%, while CAC 40 futures in France dropped 0.1%. 

“We believe first-quarter earnings season will be strong, and expect European companies to improve on the beat posted in 4Q ‘20,” said analysts at Morgan Stanley (NYSE:MS), in a note. “European/global macro data remain supportive and upgrades to EPS estimates in the run-up to reporting season have lifted European earnings revisions to the top of their 5-year range.”

Akzo Nobel (OTC:AKZOY) will be in focus after the Dutch paints company reported a 90% increase in first-quarter profit, while announcing a $1.2 billion share buyback program. The stock has already hit a series of record highs this year as its paints and coatings business gained momentum and market share.

ASML (AS:ASML), the Dutch maker of chipmaking equipment, raised its 2021 guidance after first-quarter net profit soared, while the Swiss drugmaker Roche (SIX:RO) confirmed its guidance for this year despite its sales falling slightly in the first quarter. 

Still, some tech shares and companies that benefited from stay-at-home demand could face pressure after U.S. streaming giant Netflix (NASDAQ:NFLX) reported disappointing subscriber growth for its movie streaming service late Tuesday.

Additionally, recent optimism about rising vaccination rates in the United States, Britain, and Europe is shifting to concern that record coronavirus infections in India and the reinforcement of travel restrictions will act as a brake on the global economy.

India, the world's second most populous country, reported its worst daily death Covid toll on Tuesday from the world's highest number of new daily cases. This has led to the imposition of a six-day lockdown throughout much of the country, as well many countries putting India on their banned travel list.

Back in Europe, U.K. consumer price inflation rose 0.7% on the year in March, slightly below the 0.8% expected, illustrating that the Bank of England is under no immediate pressure to tighten its ultra easy monetary policies. 

Oil prices weakened Wednesday, handing back some of the year’s strong gains as concerns over a rise in the number of Covid-19 cases in India, the world’s third largest crude importer, and a surprise build in U.S. crude oil supplies renewed fuel demand worries.

U.S. crude oil stocks rose by 436,000 last week, according to data from industry body the American Petroleum Institute, compared with an expected draw of around 3 million barrels..

The U.S. Energy Information Administration will release its inventory data for last week later on Wednesday.

U.S. crude futures traded 0.6% lower at $62.27 a barrel, while the Brent contract fell 0.6% to $66.19. Both contracts are up just short of 30% in 2021.

Elsewhere, gold futures rose 0.4% to $1,786.25/oz, while EUR/USD traded flat at 1.2031.

 

European Stock Futures Mixed; Caution Over Rising Covid Cases in India
 

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.
Comments (1)
Sloppy Joe
Sloppy Joe Apr 21, 2021 3:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Vaccine optimism, stimulus hopes and finally covid fears, thanks for the explanation lol
lokesh sharma
lokesh sharma Apr 21, 2021 3:08AM 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
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