European stock market futures varied. as recession worries. As investors worry about a worldwide recession, risk sentiment has declined.
European stock markets will be eyeing NFP report
Before the Good Friday holiday, when the US will issue the closely-watched monthly nonfarm payroll data. Trading ranges are anticipated to be constrained in Europe.
European stocks started the year firmly, but the mood appears to be waning. As investors worry that a slowing U.S. economy could push the remainder of the world into a recession. The U.S. services sector slowed more than anticipated in March, according to data published on Wednesday. Adding to indications of a slowing hiring climate; U.S. job openings fell to their lowest level in nearly two years in Feb.
At 2:00 ET (06:00 GMT), the FTSE 100 futures contract gained 0.2%. The CAC 40 futures fell 0.2%, and the DAX futures contract in Germany traded 0.1% stronger.
European stock markets still clueless about the economy
According to final PMI figures from S&P Global, the Eurozone economy grew faster than it had since May in March. But the uptick is not anticipated to last given the tightening of credit conditions across the region. Which began shortly after last month’s banking crises. According to statistics released on Thursday, German industrial production increased by 2% on a monthly basis in Feb. Falling from the previously reported 3.7% growth.
The Caixin/S&P Global services purchasing managers’ indicator was revealed Thursday. That China’s services activity in March increased at the fastest rate in more than 2 years. Aided by a post-COVID revival.
The International Monetary Fund issued a warning on Wednesday, yet, that escalating geopolitical tensions, particularly those between the US and China. Run the risk of harming the world economy. And could reduce global production by 1% in 5 years and 2% over the long run.
Crude oil
Despite falling on Thursday as concerns about a possible downturn in the world’s biggest energy consumer increased due to weak U.S. data. Crude oil prices are still anticipated to end the week positively after falling U.S. crude inventories and the OPEC+ output cut.
U.S. oil futures were trading down 0.5 percent at $80.20 a barrel by 2:00 ET, whereas the Brent contract was down 0.5% at $84.64.
The OPEC and its allies, which includes Russia, have decided to further reduce crude output, and U.S. crude oil stockpiles decreased by 3.7 million barrels this past week, according to official data released. Nevertheless, both benchmarks have increased more than 6% this week.
