LONDON – European stocks are expected to open muted on Tuesday as global markets seek direction amid earnings, rising Covid-19 cases, Chinese tech regulation and concerns about US growth.
The UK FTSE 100 is about 10 points lower at 7,072, the German DAX is expected to climb one point to 15,569 and the French CAC 40 is expected to fall 3 points to 6,673, according to IG data.
Major Asia-Pacific markets were mostly down on Tuesday as Chinese online gambling stocks listed in Hong Kong plunged after being labeled “opium” by Chinese state media.
In the United States, stock futures were slightly higher at the start of pre-market trading after concerns about slowing growth sparked a sell-off on Wall Street in the previous session, while the spread of the Covid-19 delta variant continued to hurt sentiment.
Tuesday marks another big day for corporate earnings in Europe, with BP, Standard Chartered, BMW and Societe Generale among the big names.
Societe Generale exceeded profit expectations and reported net profit of 1.44 billion euros ($ 1.71 billion) for the second quarter, significantly exceeding the net profit of 704 million euros expected by analysts, according to Refinitiv. The French bank was notably driven by the rebound in domestic retail banking.
On the data front, Eurozone producer price inflation readings for June are expected at 10 a.m. London time.
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