(RTTNews) – European stocks are expected to open cautiously amid anxious wait for the US Fed’s virtual conference later in the week. Fed speakers are widely expected to point to a plan to phase out the massive asset purchase programs that have served as a stimulus to economic growth as the pandemic ravaged global economies.
Overnight, US benchmarks closed with modest gains, with sentiment tied to discussions over the cut schedule. The Nasdaq-100 closed at 15,357.68, around 0.29% better than the previous close, while the Dow Jones Industrial Average closed at 35,366.36, just 0.09% higher than the close former.
On Tuesday, the European indices had closed mixed, with the German DAX-30 gaining 0.33% to close at 15906, the UK FTSE100 gaining 0.24% to close at 7126, the Swiss SMI 20 losing 0.32% to close at 12437, the French CAC-40 losing 0.28% to close at 6664, and the pan-European Stoxx 600 fell 0.02% to close at 471.79.
The Dollar Index is currently firming to 92.99 from 92.89 the day before as the greenback remains strong ahead of a much anticipated and imminent drop in stimulus programs in the US EURUSD is at 1.1743 while the pair GBPUSD is at 1.3724.
Gold retreated in morning trading amid a resurgent dollar and is currently trading at $ 1,797.85 per troy ounce versus $ 1,808.50 on Tuesday.
Brent Crude Futures for November settlement is currently trading at $ 70.20 a barrel from the previous close of $ 70.41 amid less than expected crude oil inventories decline, American Petroleum data shows Institute Tuesday.
U.S. equity futures are in negative territory as speculation over the Fed’s declining schedule intensifies as the Fed’s much-anticipated Jackson Hole conference approaches later in the week.
Asian markets mostly trade positively in morning trading. At press time. New Zealand’s NZX 50 rose 0.78%, China’s Shanghai Composite gained 0.39%, India’s Sensex rose 0.28%, ASX 200 of Australia is 0.22% higher, South Korea’s Kospi index is up 0.13% and Japan’s Nikkei 225 is up 0.04 percent. However, the Hang Seng Index of the Hong Kong Stock Exchange fell 0.18%.
The Ifo business climate indicator in Germany for August and the number of unemployment benefit claims in France for July will be published today.
Profits are owed today by Swedish-based medical technology companies Elekta as well as RaySearch Laboratories; the Danish companies Scandinavian Tobacco Group as well as Sydbank; French construction service provider Eiffage and logistics company ID Logistics; the Cypriot mining group Polymetal International; the Norwegian consultant Bouvet; Swedish food company Scandi Standard; Irish building materials distributor Grafton Group; Eurocash, distributor of consumer goods based in Poland, among others.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.