European stocks are set for a stable open

(RTTNews) – European stocks could open on a high note on Tuesday after U.S. House of Representatives Speaker Kevin McCarthy said debt talks with President Joe Biden were “productive,” but that no agreement has been reached.

The White House and Congress have until June 1 to raise the debt ceiling before a default.

Asian stocks traded mixed, with Chinese and Hong Kong markets falling amid resurgent Sino-U.S. trade tensions and doubts over China’s economic recovery.

The United States said it was “very seriously concerned” by China’s decision to restrict sales of Micron Technology products in the country.

The dollar hit a six-month high against the yen and gold edged lower as oil prices rose for a second straight session on forecasts of higher oil demand in the second half.

In economic releases, the results of the flash survey of eurozone and UK purchasing managers are due later in the session, headlining a busy day for the news. European economy.

U.S. stocks closed mixed overnight as investors awaited further updates on debt ceiling negotiations and Treasury Secretary Yellen said the likelihood of the Treasury paying all U.S. bills here on June 15 is quite weak.

Hawkish comments from Fed officials also weighed in, with St. Louis Federal Reserve Chairman James Bullard backing two more interest rate hikes in 2023 and his Minneapolis colleague Neel Kashkari warning against too much reading in a June break.

The Dow Jones lost 0.4%, while the S&P 500 finished slightly higher and the tech-heavy Nasdaq Composite added 0.5%.

European stocks also ended mixed on Monday, with traders focusing on talk of the US debt ceiling and general election results in Greece.

The pan-European STOXX 600 ended flat with a positive bias. Germany’s DAX fell 0.3% and France’s CAC 40 0.2% while Britain’s FTSE 100 rose 0.2%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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