European Shares Poised For Positive OpeningDecember 1, 2021
European stocks are likely to open higher on Thursday, though trading activity is likely to remain light amid the Thanksgiving Day holiday in the United States.
Asian markets were trading mixed amid worries about Fed’s hawkish shift and concerns about Covid-19 spreading during the Thanksgiving, Christmas and New Year holidays.
Earlier today, the Bank of Korea raised interest rates for the second time since August and upgraded its 2022 inflation forecast, bolstering expectations for further policy tightening.
China’s property sector woes were also in focus after Kaisa Group Holdings said it wants to extend the maturity of a $400 million bond by a year-and-a-half as part of efforts to avoid a default and resolve a liquidity crisis.
The dollar was down, but held near a five-year high against the yen. Gold edged higher while oil prices traded mixed as investors waited to see how producers respond to the emergency crude release by major consuming countries.
The head of the International Energy Agency urged the Organization of the Petroleum Exporting Countries (OPEC) to take measures to help bring oil prices down to “reasonable levels.”
German GDP numbers for the 3rd quarter and consumer sentiment figures for December may influence trading as the session progresses.
U.S. stocks ended mostly higher overnight as a batch of strong economic data helped investors shrug off concerns over rising Treasury yields.
Minutes from the November Fed meeting showed members were concerned about inflation and willing to tighten policy if inflation continues to run high.
The tech-heavy Nasdaq Composite rose 0.4 percent and the S&P 500 inched up 0.2 percent while the Dow finished marginally lower.
European stocks ended mixed on Wednesday, with political developments in Germany and fresh coronavirus lockdowns weighing on investors’ minds.
The pan European Stoxx 600 ended flat with a positive bias. The German DAX dropped 0.4 percent and France’s CAC 40 slipped marginally while the U.K.’s FTSE 100 edged up 0.3 percent.
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