European Stock Futures

European Stock Futures Edge Higher

European stock markets are seen opening marginally higher Tuesday, with investors exercising a degree of caution ahead of the start of the Federal Reserve’s two-day meeting and with the earnings season continuing apace.

At 3:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.1% and the FTSE 100 futures contract in the U.K. rose 0.1%.

Ahead of that, the European banking sector is likely to be in focus Tuesday after HSBC (LON:HSBA) reported a 79% rise in first-quarter profit, as an improved economic outlook allowed Europe’s largest bank by assets to release cash set aside against bad loans because of the coronavirus pandemic.

UBS (SIX:UBSG) also posted a 14% rise in first quarter net profit, as the world’s largest wealth manager’s results were hurt by a $774 million hit from the default of U.S. investment firm Archegos.

The pan-European Stoxx 50 climbed up by 0.19% to 4,020.8. In the cash markets, the DAX futures Germany was trading down 0.01% to 15,315.00. CAC 40 futures in France down by 0.11% to 6223.50 while the FTSE 100 futures in the U.K. up by 0.49% to 6,934.0, at the time of writing.

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