© Reuters.
By Peter Nurse
Investing.com – European stock markets are expected to edge higher Tuesday, with a dump of economic data offering a view of the outlook for the region and the wider global economy.
At 02:00 ET (07:00 GMT), the contract in Germany traded 0.2% higher, in France climbed 0.6% and the contract in the U.K. traded flat.
The main European indices closed higher Monday, continuing the recent positive tone that stemmed from hopes that the will shortly slow its aggressive monetary tightening campaign as showed signs of slowing.
However, data due Tuesday is expected to show that the inflation picture in Europe is less encouraging, suggesting that the European Central Bank still has some way to go with its if it is to return inflation to target in the medium term.
French is expected to rise 1.0% on the month in October, after falling 0.6% last month, while is seen rising 0.4% on the month, after dropping 0.7% the prior month.
Also due for release this session are third-quarter and data from the Eurozone as well as the widely-watched forward looking release.
Earlier Tuesday, data showed that Chinese grew less than expected in October, while unexpectedly shrank, heralding more weakness in the world’s second-largest economy.
Additionally, the U.K. edged higher to 3.6% in September, while rose 5.7% on the month, potentially adding to the country’s inflation woes.
Global investors will also be keeping an eye on the G20 Summit in Indonesia, with the apparent easing of tensions in U.S.-China relations helping the tone.
Turning to the corporate sector, Credit Suisse (SIX:) announced it has agreed to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management (NYSE:), as the Swiss bank seeks to restructure its business.
Earnings from telecommunications company Vodafone (LON:) and semiconductor manufacturer Infineon (ETR:) are also scheduled.
Oil prices edged lower Tuesday, continuing the previous session’s selloff as fresh Covid woes in China weighed on the global demand outlook.
The number of reported cases in China climbed over the weekend as a number of cities remained in forms of lockdown. The economic data out of China disappointed earlier Tuesday, the latest sign that the world’s second-largest economy is struggling with the protracted Covid curbs.
The Organization of the Petroleum Exporting Countries cut its 2022 global for a fifth time since April, by 100,000 barrels a day, citing mounting economic challenges.
By 02:00 ET, futures traded 0.2% lower at $85.66 a barrel, while the contract traded flat at $93.22. Both benchmarks dropped around 3% on Monday.
Additionally, fell 0.2% to $1,773.40/oz, while traded 0.1% higher at 1.1339.
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