The European stock futures are lower on CPI data. In cautious trading, European stock markets are anticipated to begin lower today, Tuesday. Traders eyes agreement between the UK and the European Union before releasing key regional inflation figures.
At 02:00 ET (07:00 GMT), the DAX futures contract in Germany was 0.2 percent lower. The CAC 40 futures contract in France was 0.1 percent weaker. The FTSE 100 futures contract in the U.K. was 0.1 percent down.
The European stocks and markets eyeing the deal
British Prime Minister Rishi Sunak declared late Monday that the Uk had reached an agreement with the EU on post-Brexit trade rules for Northern Ireland. “We were aiming to alleviate “the issue by the trade laws for the United Country’s sole land route with the EU.”
If the British parliament approves, the accord will likely set the stage for a good relationship between Britain and Brussels. It will also eliminate some ambiguity that has harmed UK assets since the Brexit vote in 2016.
European stocks and financial markets awaiting more data releases
Later in the session, France and Spain will publish consumer price data for Feb., Which are expected to show that inflation remains persistently high. Despite the European Central Bank’s drastic rate hikes.
In Jan, German import prices dropped 1.2 percentage – point month on month. Which was a welcome decrease but not as significant as the 1.5 percent fall predicted.
A further 50 basis point rate increase is widely predicted at the ECB’s meeting scheduled in mid-March. Markets are currently pricing in another 75 basis point rate increase in the Eurozone before the summer ends.
Corporate Earnings
Bayer (ETR: BAYGN) will be in the limelight in the corporate sector after the German pharmaceutical and biotechnology giant predicted reduced operating earnings in 2023 because of rising expenses.
Earnings from Ocado (LON: OCDO), Man Group (LON: EMG). Adecco (SIX: ADEN), and Atos are also projected to rise (EPA: ATOS).
Commodities and FX Today
The price of oil increased slightly on Tuesday Though, the benchmark contracts remain on track for monthly setbacks. Due to concerns that even more interest rate hikes in the U. S. will dampen demand in the world’s biggest economy.
Later in the session, the American Petroleum Institute industry group will publish the latest US oil inventory data. Prior to the official statistics from the Energy Information Administration on Wednesday,