European market futures are quiet on the Powell testimony. In anticipation of Fed Chairman Jerome Powell’s testimony before Congress. Investors anticipate the European stock markets to start Tuesday with little change.
The DAX futures contract in Germany, the FTSE 100 futures contract in the United Kingdom, and the CAC 40 futures in France all traded 0.1 percent weaker at 02:00 ET (07:00 GMT).
European markets and investors await Powell’s testimony
Tuesday’s trading in European stocks is anticipated to be muted as investors prepare for Federal Reserve Chair Jerome Powell’s testimony before Lawmakers. Which will begin with the Senate Banking Committee later today.
In his most recent press briefing, Powell discussed a disinflationary process. But since then, inflation had also risen surprisingly, and investors will be watching for any signs of how quickly interest rates will rise going forward.
European markets view Austria’s Holzmann statements
As a consequence of higher-than-expected inflation in Europe, Austria’s central bank head Robert Holzmann demanded on Monday, that the ECB increase its benchmark rate by 50 basis points at each of its upcoming four meetings.
German manufacturing orders increased by 1 percent in Jan after increasing by a revised 3.4 percent in December. But Spanish industrial output is forecast to decrease by 0.6 percent on a yearly basis. The ECB will also release its survey of consumer forecasts.
This came after China reported a record trade surplus in Feb. Although the country’s imports also shrank significantly more than anticipated. The country’s exports experienced a smaller-than-expected drop as manufacturing activity rebounded on fewer COVID-19 disruptions.
Brenntag (ETR: BNRGn), a German chemicals distributor, is reportedly contemplating buying back at least 5 percent of its shares, as per Bloomberg. This will likely put the company in the limelight on Tuesday in the corporate sector.
Crude oil up on economic recovery hopes
With renewed hope that China’s economy will experience a robust recovery this year and as a result, raise crude demand from the world’s largest importer, oil prices gradually increased and reached multi-week highs.
A weaker-than-expected Chinese GDP forecast for the year originally hurt crude prices. But figures compiled late Monday revealed the Asian giant recorded a record trade surplus in Feb.
Later in the session, the industry group American Petroleum Institute publishes its weekly estimate of U.S. inventories.
U.S. crude oil futures were trading 0.1 percent higher at $80.55 per barrel as of 2:00 ET, close to a three-week peak, and the Brent contract was up 0.1 percent at $86.25, a 5 top.
While EURUSD was marginally lower at 1.0676, gold prices dropped 0.1 percent to $1,850.65/oz.
