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European stocks poised to gain, defying Asian market losses
European stocks look ready to open higher, continuing Wall Street’s positive momentum, despite a downturn in Asian markets. China’s debt relief plan fell short of expected stimulus, leading to mixed investor sentiment as markets await crucial economic updates from major economies this week.
European stocks are set to open higher, mirroring Wall Street’s Friday gains despite a downturn in Asian markets. Euro Stoxx 50 futures climbed 0.5%, while US futures edged up.
In Asia, shares fell as China’s CSI 300 initially dropped 1.4% before recovering slightly. Hong Kong-listed Chinese stocks shed 1.7%, following disappointment with China’s 10 trillion yuan debt relief plan, which lacked fresh stimulus. Investors hoped for more significant economic support after last week’s legislative meeting.
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Oil prices steadied, iron ore declined, and Bitcoin surged past $81,000 on crypto-friendly election results in the US. Meanwhile, the dollar and euro held steady, and the yen dipped after cautious signals from the Bank of Japan.
In the US, Federal Reserve official Neel Kashkari suggested potential moderation in rate hikes, while traders watch upcoming data from key global economies to gauge economic momentum.
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Last update: Nov 11, 2024