European Markets Open To Shutdown, Data, Revenue, G-7, Ukraine

LONDON — European markets are expected to open higher Monday, continuing a positive trend seen at the close of trading last week.

The UK’s FTSE index opens 34 points higher at 7,245, Germany’s DAX 105 points higher at 13,239, France’s CAC 40 is up 35 points at 6,119, and Italy’s FTSE MIB is up 111 points at 22,114, according to data from IG.

The higher open expected for European markets on Monday comes after the pan-European Stoxx 600 index rose 2.6% last Friday, its best day in more than three months.

But despite the positive end to the trading week, last week was marked by more volatile trading as investors assessed the risks of rising inflation and fears of an economic recession.

Central banks around the world have already taken steps to combat inflation caused by rising energy and food costs, not least the war in Ukraine.

The prospect of more aggressive central bank rate tightening has spooked markets and fueled fears of a recession, which US Federal Reserve Chairman Jerome Powell told Congress last week was a “possibility” as he reiterated that the central bank is “strongly committed” to bringing inflation down.

U.S. stock futures rose slightly overnight Monday morning after rebounding sharply last week from this year’s steep declines, as stocks in the Asia-Pacific region traded higher,

Elsewhere on Monday, investors will look for more updates from the top leaders of the Group of Seven. US President Joe Biden joined the leaders of the world’s richest democracies, including Canada, the UK, Germany, France, Italy and Japan, for the three-day summit starting Sunday, which will put Ukraine and the global economy at the top of the agenda.

As G-7 leaders rallied in Germany, the Ukrainian capital Kiev was hit by Russian missile strikes again just months after Russian troops withdrew from the city to focus on eastern Ukraine, where they have had significant attacks in recent weeks. have made progress.

There are no major gains or data releases in Europe on Monday.

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