European stocks open higher | Beursduivel.be

(ABM FN-Dow Jones) European stock markets will open higher on Tuesday.

IG expects an opening gain of 57 points for the German DAX, as well as 34 points for the French CAC 40 and 22 points for the UK FTSE 100.

European stock markets also closed mostly higher on Monday, but price action was relatively limited.

Concerns about the Chinese real estate market, particularly developer Country Garden, have defined sentiment.

“Concerns about defaults in the real estate sector and broader economic weakness in China have led to concerns that this could spill over into other parts of the economy,” said market analyst Michael Hewson of CMC Markets. Tomorrow there will be some important Chinese macro data. The day was quiet in that region, as well as in Europe and the United States.

Company news

Philips was one of the most eye-catching objects in Europe on Monday. The stake rose 4.4 percent in Amsterdam, after it was announced that Exor had acquired 15 percent of the health-tech company, an interest that could be expanded to a maximum of 20 percent in the long term. Exor shares fell 0.3 percent.

In Frankfurt, Covestro was the best with a price gain of 3.8 percent, after Bloomberg reported that Adnoc wanted to increase the bid for the German chemical giant. In France, STMicroelectronics closed 0.8 percent lower in the green.

Small investors holding Credit Suisse shares will file a lawsuit in Switzerland on Monday to claim compensation for losses incurred as a result of the bank’s bailout by industry peer UBS, Swiss news agency AWP Financial News reported on Sunday.

Euro Stoxx 50 4330.23 (+0.2%)
Stokes Europe 600,459.86 (+0.2%)
DAX 15904.25 (+0.5%)
CAC 40 7348.84 (+0.1%)
FTSE 100 7,507.15 (-0.2%)
SMI 11,110.11 (+0.3%)
ACS 766.21 (+0.1%)
BEL 20 3,687.05 (+0.1%)
FTSE MIB 28,435.49 (+0.6%)
IBEX 35 9,429.60 (-0.1%)

US stocks

Wall Street opened Tuesday in the green, according to US futures, after also closing higher on Monday, despite concerns that China’s real estate crisis threatens to spread to the broader economy.

Investors brushed off these concerns and are already looking forward to the minutes of the Federal Reserve’s final policy meeting next Wednesday.

“The chance that the US Federal Reserve will maintain interest rate stability in September seems to have increased somewhat with the latest inflation figures. However, it remains to be seen,” said economist Luc Appen of Van Lanchotte Kempen.

“As a reminder, the message from that meeting was mixed. On the one hand, the door was kept open for further rate hikes. On the other hand, Chairman Jerome Powell noted that inflationary momentum is decreasing and the labor market is increasingly balancing supply and demand.” .

September futures contracts for a barrel of West Texas Intermediate crude closed 0.8 percent, or $0.68, lower Monday at $82.51 on the New York Mercantile Exchange.

On the macro level, five releases are scheduled for Tuesday in the US. Before the market, retail sales, import prices and the Empire State Index appear, followed by homebuilders’ confidence and corporate stocks.

Company news

Tesla is escalating the price war in China by lowering the price of two versions of the Model Y SUV by about $1,900 each. After Tesla’s latest production numbers, released in early July, analysts were already expressing concern about the company’s shrinking margins. Analysts at Bernstein warned at the time that Tesla may have to cut prices more or announce more, both of which put more pressure on margins. In early August, Tesla reported that deliveries in China fell 31 percent in July, to the lowest level this year. The share decreased by about 1.6 percent.

Nikola voluntarily recalled 209 electric vans as a precaution after a battery failure caused a fire at a company factory. Shares fell more than 5 percent in aftermarket trading in New York on Friday. The stock lost nearly 6.7 percent.

Shares of AMC fell about 34.4 percent after a court ruled late Friday night that the movie theater chain could go ahead with its controversial share conversion plan.

Shares of US Steel rose about 37.5 percent Monday after it received an unsolicited offer of $27.50 a share from industry peer Cleveland-Cliffs, which valued the steelmaker at $7.25 billion. US Steel says the offer is unreasonable.

S&P 500 4,489.72 (+0.6%)
Dow Jones 35,307.63 (+0.1%)
Nasdaq Composite 13,788.33 (+1.1%)

Asia

Asian stock markets were split on Tuesday, after disappointing Chinese macro data. China’s central bank lowered two interest rates, according to economists “because the new data indicates that the economy has run into deeper problems.”

Nikkei 225 32,337.49 (+0.9%)
Shanghai Composite 3,169.19 (-0.3%)
Hang Seng 18,622.55 (-0.8%)

currencies

The euro/dollar is quoted at 1.0910. When the US stock markets closed on Monday, the currency pair was still trading at 1.0911 and the European stock markets closed at 1.0920.

US dollar / Japanese yen 145.51
EUR/USD EUR 1.0910.000 EUR
Euro / Japanese Yen 158.74

Macro agenda:
00:00 Business Confidence – Q3 (Netherlands)
00:50 Economic Growth – First Quarter vlpg (Japan)
04:00 Retail Sales – July (chi)
04:00 Industrial Production – July (chi)
08:00 Unemployment Rate – June (UK)
11:00 ZEW Economic Sentiment – August (Germany)
2:30pm Retail Sales – July (US)
14:30 Import Prices – July (US)
2:30pm Empire State Index – August (US)
4:00 PM Home Builders Trust – August (US)
4:00 PM Company Stocks – Jun (US)

Company news:
13:00 Home Depot – Q2 numbers (US)
00:00 Tencent – Q2 numbers (Qi)

Source: ABM Financial News

ABM Financial News is a resource for stock market news, video and data, for both online and offline real-time trading platforms, trading rooms and media publications. The information in this article is not intended to be professional investment advice or as a recommendation to make certain investments.