European market futures decline, Credit Suisse pause report. On Thursday, European stock markets are anticipated to start lower. As investors process disappointing Chinese inflation data. Additional remarks from Fed chair Jerome Powell, and new worries about the stability of Credit Suisse.
European markets and indices fell across the board
The CAC 40 futures in France fell 0.2%, and the FTSE 100 futures in the UK fell 0.2%. The DAX futures contract in Germany moved weaker by 0.3% at 02:00 ET (07:00 GMT).
The second-largest economy in the world and a significant export market for European businesses. China showed signs of a slow economic recovery in inflation data released earlier in the session.
European markets underpinned by Powell’s testimony
The remarks were made by Jerome Powell, the chairman of the US Federal Reserve, on the 2nd day of his hearing before Congress. Also had an impact on sentiment in Europe.
However, he was careful to emphasize that any projections, including the likely hike in March, would be data-dependent. Powell reiterated his earlier message that interest rates would need to go higher, and potentially in larger chunks to tame inflation.
Credit Suisse in the limelight
The economic data slate in Europe is largely vacant, so attention will presumably be on Credit Suisse (SIX: CSGN).
After speaking with the U.S. Securities and Exchange Commission late on Wed. The troubled Swiss lender stated early on Thursday that it would postpone the release of its 2022 annual report.
The action was connected to the technical evaluation of earlier revealed adjustments to the consolidated cash flow statements in the years ended Dec 31, 2020, and 2019. According to a statement from Credit Suisse.
Crude oil steady
Oil prices remained largely stable on Thursday, nursing recent losses. As concerns about the growth of crude demand this year were raised by poor Chinese economic data and the potential for additional U.S. interest rate increases.
According to statistics released on Friday, factory entry prices in China decreased more than anticipated for Feb. Indicating that the world’s biggest crude importer’s manufacturing sector was operating significantly below potential.
The Energy Information Administration officially reported on Wednesday that U.S. crude stockpiles dropped by 1.7 million barrels last week. The first decline in ten weeks.
U.S. oil futures were trading 0.1% better at $76.70 per barrel by 2:00 ET. While the Brent contract increased to $82.70. So far this week, both standards have decreased by almost four percent.
The number of barrels and days of the stockpile of crude gasoline
