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European stocks ready for flat opening

European stocks turned flat to down on Monday as China’s GDP data was disappointing.

China’s third-quarter GDP grew disappointingly at 4.9%, with September industrial output below expectations but retail sales above expectations.

An official at the People’s Bank of China said the risks to the financial system due to the Evergrande crisis are “controllable” and unlikely to spread.

China’s NPC Standing Committee has reportedly launched a five-day meeting on Tuesday, with a review of antitrust regulations on the agenda.

Asian market The dollar rose against its rivals as Treasury yields heightened energy prices and concerns about inflation, but gold was restrained and gold fell.

Oil has reached new highs in anticipation of rising demand against the backdrop of deregulation of Covid-19 worldwide.

Bitcoin hit a high of nearly six months in the hope that US regulators will soon allow exchange-traded funds (ETFs) to trade.

After Bank of England Governor Andrew Bailey said the central bank “must act” to curb inflation and warned that rising energy costs would mean prolonged price pressure, the pound sterling It could rise in dollars this week.

Focusing on US earnings news this week, Johnson & Johnson, Procter & Gamble, Travelers, Netflix, Verizon, IBM Corp, Tesla, AT & T and Intel will announce quarterly earnings.

On the economic front, reports on industrial production, housing starts, and existing home sales, along with the Federal Reserve Board’s Beige Book, may provide additional insights into economic recovery.

US stocks rose on Friday as higher-than-estimated earnings and economic data masked concerns surrounding inflation and supply chain constraints.

The Dow rose 1.1% and the S & P 500 rose 0.8% to hit a monthly high, while the tech-heavy Nasdaq Composite rose 0.5%.

European stocks rose on Friday, recording the best weekly performance in seven months in the optimistic view of the earnings season.

The Pan European Stocks 600 rose 0.7%. Germany’s DAX rose 0.8%, France’s CAC 40 index rose 0.6%, and the UK’s FTSE 100 rose 0.4%.

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European stocks ready for flat opening

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