European Shares Likely To Move Sideways At Open

European stocks are likely to open on a mixed note Wednesday after U.S. markets ended firm overnight, led by technology shares and upbeat earnings reports.

Asian markets traded mostly higher amid signs of progress on Joe Biden’s massive spending bill.

China raised $4 billion from a sale of U.S. dollar bonds that mature in three, five, 10 and 30 years. Earlier today, China’s central bank kept its benchmark loan prime rate unchanged.

Geopolitical tensions remain on investors’ radar, with North Korea confirming it successfully tested a new submarine-launched ballistic missile.

U.S. benchmark 10-year Treasury yields surged to their highest since May 20, while the dollar edged lower, making gold cheaper for buyers holding other currencies.

Oil slipped from a seven-year high after industry data pointed to another increase in U.S. crude stockpiles. Bitcoin hovered below record levels it reached in April.

Consumer and producer price data from the U.K. will be out later in the day, headlining a light day for the European economic news.

U.S. stocks rose overnight as upbeat earnings news from top name companies helped offset worries about inflation and slowing growth amid supply chain bottlenecks.

The Dow gained 0.6 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both climbed around 0.7 percent.

European stocks nudged higher on Tuesday amid optimism over corporate earnings. The pan European Stoxx 600 advanced 0.3 percent.

The German DAX edged up 0.3 percent and the U.K.’s FTSE 100 inched up 0.2 percent, while France’s CAC 40 ended marginally lower.

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