European stocks set for a restrained start

Date:

European market Wall Street stocks can be seen down and open on Thursday after reversing the early rally to end in the red overnight.

The Organization for Economic Co-operation and Development (OECD) has downgraded its forecast for global economic growth in 2021 and warned that inflation could be higher than originally expected and last longer in the turmoil of the global supply chain. The stocks were traded in a mixed manner.

China’s real estate stocks rose as Beijing eased liquidity tensions in the underfunded real estate sector.

Investors have also responded to the Fed’s comments on inflation and tapering.

Federal Reserve Bank of New York Governor John C. Williams said Omicron could prolong supply and demand mismatches and sustain inflationary pressures.

Separately, Cleveland Fed President Loretta Mester said he was “very open” to curtailing Fed asset purchases at a faster pace.

In terms of Covid-19, the number of new Covid-19 cases in South Africa almost doubled in one day, while cases of the Omicron type were reported in the United Kingdom, Switzerland and Brazil.

WHO said Wednesday that 23 countries around the world reported cases of highly mutated Omicroncovid-19 variants.

Gold fell on a stronger dollar, but oil prices saw a slight rise in expectations that OPEC + could suspend additional supplies amid concerns about Omicron.

The day before the European economic calendar is a quiet day, as it is likely to focus on eurozone unemployment and large inflation.

Across the Atlantic, the first unemployed bill will be announced late today, ahead of the monthly report on non-farm payrolls scheduled for Friday.

US stocks reversed their initial rise and fell sharply overnight. health Authorities confirmed the first case of the Omicron Covid-19 mutant in California, and Federal Reserve Chair Jerome Powell said the risk of sustained inflation was “clearly increased.” ..

In terms of data, private sector employment and manufacturing measurements have drawn a positive picture of the world’s largest companies. Economy..

The Dow fell 1.3% to close to two months, the S & P 500 fell 1.2%, and the Nasdaq Composite fell 1.8% to its lowest closing in more than a month.

Despite the new Omicron variety and the darkness surrounding US inflation, the European market advanced on Wednesday.

The Pan-European Stocks Europe 600 Index rose 1.7%. Germany’s DAX surged 2.5%, France’s CAC 40 index rose 2.4%, and the UK’s FTSE 100 rose 1.6%.

Contact for comments and feedback: editorial@rttnews.com

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European stocks set for a restrained start

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