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Tuesday, August 9, 2022

European markets nervous ahead of U.S. inflation data

LONDON — European stocks are expected to open lower on Tuesday ahead of a key reading of U.S. inflation data.

The U.K.’s FTSE index is seen opening 28 points lower at 7,277, Germany’s DAX 53 points lower at 15,994, France’s CAC 40 down 30 points at 7,021 and Italy’s FTSE MIB 92 points lower at 27,426, according to data from IG.

Investors are looking ahead to fresh inflation readings in the U.S. in the next few days with the latest producer price index due Tuesday and the consumer price index slated expected on Wednesday.

Economists surveyed by Dow Jones are expecting producer prices to have risen 0.6% month over month in October. The consumer price index is also expected to show a 0.6% jump compared to the prior month.

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U.S. stock futures were lower during overnight trading after the major averages closed at records, boosted by strength in infrastructure stocks while shares in Asia-Pacific were mixed in Tuesday trade following the gains on Wall Street.

Earnings in Europe come from Bayer, Munich Re, Porsche, Direct Line Group, Salvatore Ferragamo and Associated British Foods.

On the data front, German and French trade data for September is due and the results of Germany’s ZEW survey of economic sentiment for November will be released.

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— CNBC’s Pippa Stevens contributed to this market report.


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