Connect with us

Hi, what are you looking for?

The Smart Citizen Report

BREAKING NEWS

European Stock Futures Mixed; Caution Over Rising Covid Cases in India

imageStock Markets2 hours ago (Apr 21, 2021 02:04AM ET)

(C) Reuters.

By Peter Nurse

Investing.com – European stock markets are seen opening mixed Wednesday after suffering their worst daily loss so far this year on Tuesday, amid hopes that a positive corporate earnings season will calm concerns about the march of Covid-19 in India.

At 3:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.2% higher, the FTSE 100 futures contract in the U.K. rose 0.2%, while CAC 40 futures in France dropped 0.1%.

“We believe first-quarter earnings season will be strong, and expect European companies to improve on the beat posted in 4Q ’20,” said analysts at Morgan Stanley (NYSE:MS), in a note. “European/global macro data remain supportive and upgrades to EPS estimates in the run-up to reporting season have lifted European earnings revisions to the top of their 5-year range.”

Akzo Nobel (OTC:AKZOY) will be in focus after the Dutch paints company reported a 90% increase in first-quarter profit, while announcing a $1.2 billion share buyback program. The stock has already hit a series of record highs this year as its paints and coatings business gained momentum and market share.

ASML (AS:ASML), the Dutch maker of chipmaking equipment, raised its 2021 guidance after first-quarter net profit soared, while the Swiss drugmaker Roche (SIX:RO) confirmed its guidance for this year despite its sales falling slightly in the first quarter.

Still, some tech shares and companies that benefited from stay-at-home demand could face pressure after U.S. streaming giant Netflix (NASDAQ:NFLX) reported disappointing subscriber growth for its movie streaming service late Tuesday.

Additionally, recent optimism about rising vaccination rates in the United States, Britain, and Europe is shifting to concern that record coronavirus infections in India and the reinforcement of travel restrictions will act as a brake on the global economy.

India, the world’s second most populous country, reported its worst daily death Covid toll on Tuesday from the world’s highest number of new daily cases. This has led to the imposition of a six-day lockdown throughout much of the country, as well many countries putting India on their banned travel list.

Back in Europe, U.K. consumer price inflation rose 0.7% on the year in March, slightly below the 0.8% expected, illustrating that the Bank of England is under no immediate pressure to tighten its ultra easy monetary policies.

Oil prices weakened Wednesday, handing back some of the year’s strong gains as concerns over a rise in the number of Covid-19 cases in India, the world’s third largest crude importer, and a surprise build in U.S. crude oil supplies renewed fuel demand worries.

U.S. crude oil stocks rose by 436,000 last week, according to data from industry body the American Petroleum Institute, compared with an expected draw of around 3 million barrels..

The U.S. Energy Information Administration will release its inventory data for last week later on Wednesday.

U.S. crude futures traded 0.6% lower at $62.27 a barrel, while the Brent contract fell 0.6% to $66.19. Both contracts are up just short of 30% in 2021.

Elsewhere, gold futures rose 0.4% to $1,786.25/oz, while EUR/USD traded flat at 1.2031.

European Stock Futures Mixed; Caution Over Rising Covid Cases in India

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Join Our Time-Limited Free Subscription! Get Latest Trading Ideas, Business Info and Market Stocks.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Editor's Pick

 Going Full Liberal In response to the arrest of a man who walked into a cafe holding a baseball bat and screaming through a megaphone, a...

Editor's Pick

Going Full Liberal The liberal plan?  Get the body count as high as possible to hurt Trump.  These people are disgusting. Last week, the...

Editor's Pick

Going Full Liberal More trouble for creepy Joe. An extensive new survey by Morning Consult of nearly 28,000 registered voters presents some troubling numbers for the...

Editor's Pick

Going Full Liberal Liberal brilliance on full display. New York City appears to have experienced a surge in shootings this week after the New...

Editor's Pick

Going Full Liberal In the past few weeks, demonstrators — mobs, really — have destroyed or defaced the following statues across the United States....

Editor's Pick

Going Full Liberal The Justice Department released Peter Strzok notes from 1/4/2017 regarding the Flynn-Kislyak calls. Last month it was revealed 2020 Democrat presidential...

Editor's Pick

Going Full Liberal National Public Radio (NPR) posted a tweet Saturday urging every reader to begin “decolonizing your bookshelf.” According to NPR, “white voices...

BREAKING NEWS

Crude oil prices plunged sharply on Thursday, extending losses to a fifth session, amid concerns about the outlook for energy demand. The coronavirus has...

Disclaimer: TheSmartCitizenReport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.

The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

© Copyright 2021,TheSmartCitizenReport.com All Rights Reserved