European Shares To Drift Lower After Weak China Data
(RTTNews) - European stocks are set to open lower on Wednesday after a private survey showed growth in China's services industry slowed in June from the previous month, underscoring concerns over a tepid economic recovery in the world's second-largest economy.
The Caixin/S&P Global services purchasing managers' index (PMI) eased to 53.9 in June from 57.1 in May, marking the lowest reading since January when COVID-19 swept through the country.
Asian markets traded lower, Treasury yields slipped, and gold was little changed while oil prices fell after climbing over 2 percent on Tuesday on Saudi Arabian and Russian output cuts.
The dollar held steady ahead of the release of minutes from the Federal Reserve's June meeting due later in the day and Friday's U.S. nonfarm payrolls report.
U.S. markets were closed on Tuesday for the Independence Day holiday.
European stocks finished on a flat note Tuesday, giving up earlier gains ahead of data releases and the start of corporate earnings season.
The pan European STOXX 600 ended flat with a positive bias. The German DAX shed 0.3 percent, France's CAC 40 slipped 0.2 percent and the U.K.'s FTSE 100 eased 0.1 percent.
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