European Shares Seen Tad Lower As Investors Await US Inflation Data
(RTTNews) - European stocks may open flat to slightly lower on Tuesday as investors react to a number of claims and counterclaims being made on the Ukraine-Russia conflict and await the U.S. inflation report for August later in the day that might show some signs of softening.
The report is expected to show a continued slowdown in the annual rate of consumer price growth to 8.1 percent in August from 8.5 percent in July.
Despite the anticipated softening, the Federal Reserve is expected to raise interest rates by 75 basis points next week to make sure inflation is extinguished.
Reports on producer prices, import and export prices, retail sales, industrial production and consumer sentiment are also likely to attract attention in the coming days.
Closer home, economic sentiment and final inflation data from Germany as well as labor market statistics from the U.K. are due later in the session, headlining a light day for the European economic news.
Asian markets were seeing modest gains and the dollar held firm, while oil prices edged lower ahead of the OPEC's monthly outlook report due later in the day.
U.S. stocks closed higher for a fourth consecutive session overnight and the dollar weakened amid expectations that inflation may have peaked. Ukraine's military successes in the war with Russia also boosted sentiment.
The Dow rose 0.7 percent, the tech-heavy Nasdaq climbed 1.3 percent and the S&P 500 added 1.1 percent.
European stocks rose for a third day on Monday amid improved risk sentiment.
The pan European Stoxx 600 rallied 1.8 percent. The German DAX surged 2.4 percent, France's CAC 40 index added 2 percent and the U.K.'s FTSE 100 advanced 1.7 percent.
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