EUROPEAN STOCK FUTURES LOWER; OPEC+ MEETING IN FOCUS

 

European stock markets are seen opening marginally lower Monday, with investors keeping a wary eye on the oil market following signs that China’s economic recovery may be slowing.

At 2 AM ET (0600 GMT), the DAX Futures contract in Germany traded 0.2% lower, CAC 40 Futures  in France dropped 0.1% and the FTSE 100 Futures contract in the U.K. fell 0.1%.

This, following on from Thursday’s manufacturing equivalent figure also falling in June, suggested that the recovery in the world’s second-largest economy from the  Covid-19 pandemic is starting to abate.

Elsewhere, the market will be waiting for news from Vienna with a group of major oil producers set to reconvene talks aimed at finalizing output levels for the rest of the year and beyond.

The Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC, had appeared on Friday to have decided to increase production by about 2 million barrels a day from August to December 2021, as well as extend the remaining output cuts to the end of 2022.

The FTSE MIB climbed down by 0.47% to 25,162.71. In the cash markets, the DAX futures Germany was trading down 0.64%  to 15,552.17. CAC 40 futures in France fell by 0.43% to 6,524.60 while the FTSE 100 futures in the U.K. was down by 0.13% to 7,112.97. ,at the time of writing.