European equities off to a sluggish start ahead of the ECB conference

European equities will open flat on Thursday as investors wait for the European Central Bank’s policy meeting for guidance on a pandemic bond purchase program.

Central banks are expected to remain unchanged and oppose next year’s rate hike expectations.

The market is also waiting for the Federal Reserve Board’s policy meeting on November 3 to get clues about the tapering pace and the timing of the first Fed rate hike.

Earlier that day, the Bank of Japan maintained its monetary easing policy and revised its annual growth forecast downwards as the pandemic continued to weigh on the world’s third-largest scale. Economy..

Asian market Coronavirus flare cases in China and Singapore declined due to increased general anxiety about the economic outlook.

Meanwhile, China again opposed Taiwan’s representative at the international stage after the United States called for Taiwan’s more “meaningful” participation in UN agencies.

Gold traded above the major $ 1,800 level, boosted by lower US bond yields.

China’s coal futures plunged as Beijing stepped up measures to cool coal price hikes.

Oil prices fell almost 2% in Asian trade, expanding losses overnight, after official data showed an unexpected surge in US crude oil inventories. Bitcoin fell below $ 60,000 after reaching nearly $ 67,000 last week.

German unemployment data will be submitted by the Federal Labor Department later that day.
Economists expect the unemployment rate to drop from 5.5% in September to 5.4% in October.

The European Commission will publish the results of a survey of economic conditions in the euro area. Economists expect the Economic Confidence Index to fall from 117.8 last month to 116.9 in October.

Destatis released German flash consumer price index for October. Inflation is projected to rise from 4.1% in September to 4.4%.

A preliminary reading on GDP for the third quarter could draw attention across the Atlantic Ocean, along with reports on weekly unemployment claims and pending home sales.

US equities fell nearly overnight as investors digested weaknesses in earnings results from megacap tech companies and durable consumer goods order data.

The Dow gave up 0.7% and the S & P 500 fell 0.5%, but the tech-heavy Nasdaq Composite ended flat with a positive bias.

European stocks closed on Wednesday as concerns over China hit metal prices and Germany lowered growth prospects. Investors also pondered the impact of the latest UK budget.

The Pan-Europe Stoxx600 relaxed 0.4%. Both the German DAX and the UK FTSE 100 fell about 0.3%, while the French CAC 40 index fell 0.2%.

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European equities off to a sluggish start ahead of the ECB conference

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