European Shares Seen Lower As China Trade Data Disappoints

RTTNews | 748天前

(RTTNews) - European stocks may open on a sluggish note Tuesday, as investors focus on Chinese trade data and look for cues from upcoming inflation readings from the world's largest economies.

China's exports fell by 14.5 percent in July from a year ago, while imports dropped by 12.4 percent in U.S. dollar terms amid falling demand overseas and in the country, official data showed earlier today.

Both exports and imports sank at their fastest pace since the 2020 COVID-19 pandemic, reinforcing the need for further stimulus measures from policymakers.

Asian markets traded mixed as focus shifted to inflation readings from the U.S. and China due this week.

The U.S. dollar strengthened and bond yields were steady, keeping oil and gold prices under pressure.

Federal Reserve governor Michelle Bowman said Monday at a Fed Listens event that more interest rate rises 'will likely be needed' despite softer reports on jobs and inflation recently.

Destatis is set to issue Germany's final consumer and harmonized prices for July later in the day. Consumer price inflation is forecast to ease to 6.2 percent, as initially estimated, from 6.4 percent in June.

U.S. stocks advanced overnight, with financials, consumer services and industrial stocks pacing the gainers ahead of key inflation readings.

The Dow climbed 1.2 percent, the S&P 500 added 0.9 percent and the tech-heavy Nasdaq Composite gained 0.6 percent.

European stocks ended Monday's session on a flat note after spending much of the session in the red in response to weak economic data from Germany and the U.K.

The pan European STOXX 600 finished marginally higher. The German DAX edged down marginally and the U.K.'s FTSE 100 slipped 0.1 percent while France's CAC 40 ended flat with a positive bias.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

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KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

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