Markets

European Shares Set To Drift Lower At Open

(RTTNews) - European stocks are seen opening lower on Thursday as worries about resurgent Covid-19 infections and tensions between Washington and Beijing weigh on fragile investor sentiment.

With Covid-19 cases surging and winter on the way, some European nations are bracing for a repeat of the nightmare scenario seen earlier this year.

Media reports suggest that the United States Department of State has submitted a proposal for the Trump administration to add China's Ant Group, an affiliate of e-commerce giant Alibaba Group Holding, to a trade blacklist.

Meanwhile, European leaders will meet to re-examine the post-Brexit talks today as the deadline for a pact on the European Union's relations with Britain nears.

Asian markets are trading mostly lower and gold edged lower on a firmer dollar while oil prices rose slightly after data showed U.S. crude stockpiles fell last week.

Final consumer price figures from France and industrial orders data from Italy are due later in the session, headlining a light day for the European economic news.

Across the Atlantic, trading may be impacted by reaction to reports on weekly jobless claims, regional manufacturing activity and import and export prices.

China's consumer price growth slowed in September on easing food price inflation and producer prices continued to ease, data from the National Bureau of Statistics showed earlier in the day.

Consumer prices advanced 1.7 percent on a yearly basis in September, slower than the 2.4 percent increase seen in August. This was also slower than the economists' forecast of 1.8 percent.

Producer prices were down 2.1 percent annually after easing 2 percent in August. Economists had forecast an annual decrease of 1.8 percent.

U.S. stocks ended lower overnight as investors reacted to a mixed bag of quarterly earnings reports and downbeat comments from Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell on the prospects for a new stimulus bill before the election.

The Dow Jones Industrial Average dropped 0.6 percent, the tech-heavy Nasdaq Composite shed 0.8 percent and the S&P 500 gave up 0.7 percent.

European markets fell broadly on Wednesday as halted Covid-19 vaccine trials and concerns over the impact of new coronavirus rules overshadowed hopes of further Brexit talks.

The pan European Stoxx 600 ended flat with a negative bias. The German DAX edged up 0.1 percent, while France's CAC 40 index slipped 0.1 percent and the U.K.'s FTSE 100 shed 0.6 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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