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

European Stock Futures Mixed; Tech Stocks in Focus

Stock MarketsMay 05, 2021 02:08AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters.

By Peter Nurse - European stock markets are seen opening mixed on Wednesday, as investors digest the sharp pullback in the tech sector overnight ahead of a fresh round of corporate earnings.

At 2:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France dropped 0.3% and the FTSE 100 futures contract in the U.K. rose 0.1%. 

The tech-heavy Nasdaq Composite ended 1.9% lower on Wall Street Tuesday as investors dumped megacap stocks, the market’s darlings on the way up, on concerns of rising interest rates following comments by Treasury Secretary Janet Yellen.

"It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the additional spending is relatively small relative to the size of the economy," Yellen said at a virtual event Tuesday.

She later tried to clarify her comments, but they still reminded investors that rates would have to rise at some point in the future.

Follow=through selling has been limited in Asia given holidays in China, South Korea and Japan.

Turning back to Europe, the tech sector saw late selling on Tuesday, and thus action could be more subdued Wednesday, especially as investors focus on more corporate earnings as well as key economic data.

German logistics company Deutsche Post (OTC:DPSGY) raised its full-year profit forecast Wednesday after more than tripling its operating earnings in the first quarter, predicting that ecommerce will keep booming and global trade will rebound.

French utility Veolia (PA:VIE), which last month agreed a 13 billion euro ($15.6 billion) merger deal with rival Suez (PA:SEVI), posted higher first quarter earnings on Wednesday and kept its 2021 financial outlook.

German fashion house Hugo Boss (DE:BOSSn) saw first-quarter sales almost double in mainland China, and predicted a rebound in the rest of the business in the course of the year.

Results are also expected from the likes of Stellantis (NYSE:STLA), Allianz (DE:ALVG) and Commerzbank (DE:CBKG) before the open.

Final composite and services PMI readings for April are due from most of the major European countries as well as Eurozone producer prices for March.

Oil prices surged Wednesday, with a sharp fall in U.S. crude stockpiles adding to increased optimism the reopening drives in Europe and the U.S. will boost overall fuel demand. 

U.S. crude oil supply data from the American Petroleum Institute showed a draw of 7.69 million barrels for the week ended April 30, the largest drop since late January. Investors now await data from the U.S. Energy Information Administration, due later in the day, for confirmation.

U.S. crude futures traded 0.8% higher at $66.23 a barrel, while the Brent contract rose 2.8% to $69.47. 

Elsewhere, gold futures fell 0.8% to $1,777.50/oz, while EUR/USD traded 0.1% lower at 1.2008.


European Stock Futures Mixed; Tech Stocks in Focus

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.
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