European Stock Futures Mixed; Caution Over Rising Covid Cases in India

European Stock Futures Mixed; Caution Over Rising Covid Cases in India

European stock markets are seen opening mixed Wednesday after suffering their worst daily loss so far this year on Tuesday, amid hopes that a positive corporate earnings season will calm concerns about the march of Covid-19 in India.

At 3:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.2% higher, the FTSE 100 futures contract in the U.K. rose 0.2%, while CAC 40 futures in France dropped 0.1%.

India, the world’s second most populous country, reported its worst daily death Covid toll on Tuesday from the world’s highest number of new daily cases. This has led to the imposition of a six-day lockdown throughout much of the country, as well many countries putting India on their banned travel list.

Back in Europe, U.K. consumer price inflation rose 0.7% on the year in March, slightly below the 0.8% expected, illustrating that the Bank of England is under no immediate pressure to tighten its ultra-easy monetary policies.

Oil prices weakened Wednesday, handing back some of the year’s strong gains as concerns over a rise in the number of Covid-19 cases in India, the world’s third largest crude importer, and a surprise build in U.S. crude oil supplies renewed fuel demand worries.

The pan-European Stoxx 50 climbed down by 1.98% to 3,940.5. In the future’s markets, the DAX futures Germany was trading up 0.42% to 15,200.00. CAC 40 futures in France up by 0.16% to 6116.50 while the FTSE 100 futures in the U.K. down by 2.11% to 6,819.0, at the time of writing.

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