European stocks set for positive open

European equities are expected to rise slightly from flat on Wednesday after a record high for the high-tech Nasdaq Composite, which rose overnight on Wall Street.

Asian market Federal Reserve Board Chair Jerome Powell reiterated that inflationary pressures were temporary, and the Fed said Economy As long as it takes to complete the recovery.

Concerns about COVID are persistent, and the US Centers for Disease Control and Prevention classifies the highly contagious variant of COVID-19, Delta, as a “subspecies of concern.”

“The Delta Variant is currently the greatest threat in the United States to eradicate COVID,” said Dr. Anthony Fauci, Chief Medical Advisor at the White House.

The dollar remained rising and gold was stable, but Bitcoin recovered to some extent after falling below US $ 30,000 in a volatile session.

Oil exceeded $ 73 a barrel after industry data showed another decline in US crude oil reserves. Investors are waiting for the Organization of Petroleum Exporting Countries (OPEC +) to meet for production policy clues.

In the economic release, Flash Manufacturing and Services PMI will provide further insight into the progress of the reopening of Europe’s major economies.

The ECB’s board of directors is set up to hold non-monetary policy meetings.

Comments from ECB Vice President Luis Degindos may provide some direction for EUR / USD traders.

Across the Atlantic, traders may look to the Commerce Department’s report on new home sales in May.

US stocks rose overnight after Fed Chair Powell made encouraging comments on inflation and monetary policy.

The technology-intensive Nasdaq Composite rose 0.8%, setting a new record. The S & P 500 rose 0.5% and the Dow rose 0.2%.

European equities ended in the positive territory on Tuesday as mining and energy companies benefited from stable commodity prices.

The Pan-European STOXX 600 rose 0.3%. Germany’s DAX rose 0.2%, France’s CAC 40 index rose 0.1%, and the UK’s FTSE 100 rose 0.4%.

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European stocks set for positive open

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