European Markets Set For Muted Open As Investors Assess Data, Covid

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European markets are heading for a cautious open Friday, as investors assessed global economic indicators and rising Covid-19 cases in the search for direction.

Britain’s FTSE 100 is seen around 7 points higher at 7,200, Germany’s DAXis set to add around 7 points to 15,945 and France’s CAC 40 is set to nudge around 2 points higher to 6,884, according to IG data.
Shares in Asia-Pacific retreated in Friday’s trade, with South Korea’s Kospileading losses among major markets as shares of firms tied to conglomerate Samsung tumbled following the release of the company’s heir from prison.

Stateside, stock futures were little changed in early premarket trade after the S&P 500 notched another record high on Thursday, with U.S. investors digesting a mixed bag of economic data.

Weekly jobless claims came in on par with expectations at 375,000, a third consecutive decline, while producer prices rose 0.9% in July against a forecast of 0.5%, calling into question whether inflation has peaked.

Overnight, MSCI’s aggregate gauge of global stock markets hit a new record high.

“Arguably, markets are now more focused on the state of play regarding Covid, and in particular, the spread of the Delta variant,” Xian Chan, chief investment officer for wealth management at HSBC, said in a note. Okay

But regardless of where you look, the general view (and hope) is the broad success of vaccination programmes will allow the recovery story to continue in H2 this year.”

Back in Europe, Adidas has sold Reebok for up to $2.5 billion to Authentic Brands, as the German sportswear giant opts to focus on its central brand.

Earnings came from Deutsche Wohnenon Friday morning, while a host of French and Spanish inflation data and euro zone trade balance figures are due to be released.

– CNBC

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