Saturday, May 8We Break the News

London Stocks to Open Flat Open, China Shares Turn Lower in Afternoon Trade, European Stocks Set for Cautious Start

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London Stocks to Open Flat Open
Contracts on the FTSE 100 futures were little changed on Monday, in line with its European peers, as investors were cautious to start a busy week for earnings and economic data. A slew of earnings from big US tech companies, GDP figures for the US and Europe and Fed interest rate decision will be in the spotlight during the week. In the UK, Shell, BP, GlaxoSmithKline and Whitbread along with the major banks will be in the spotlight. Meanwhile, coronavirus infections specially a devastating surge in India is also weigh on investors’ mood.
China Shares Turn Lower in Afternoon Trade
The Shanghai Composite Index fell 16 points or 0.5% to 3,458 in afternoon deals on Monday, giving up its early gains, amid renewed worries over policy tightening. Traders became cautious over worsening pandemic situations, particularly in India and Japan. Meanwhile, local media on Sunday reported that more than four in five Chinese are willing to take vaccinations, amid better public awareness toward the virus vaccine. Investors shrugged off reports that China will launch a series of promotional activities in May to boost spending, including a new consumer goods expo in southern Hainan province. Market participants now await the release of the US Q1 GDP figure later in the week.
European Stocks Set for Cautious Start
Stock futures in Europe were around the flatline on Monday, as investors were cautious to start a busy week for earnings and economic data. A slew of earnings from big US tech companies, GDP figures for the US and Europe and Fed interest rate decision will be in the spotlight during the week. Meanwhile, Philips reported a big jump in quarterly profit and raised its expectations for 2021. Pearson and Michelin are also due to report today. The Ifo Business Climate for Germany scheduled for early in the morning should point to an improved outlook.

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