Economy 2 MIN READ

European futures tick lower as China data dents sentiment

July 10, 2023By Reuters

Futures on the Euro STOXX 50 are down 0.6%, while those on the FTSE 100 and DAX are down 0.3%.

Traders are mulling more how likely China’s policymakers are to use more stimulus to boost waning demand, after the latest figures showed China’s factory-gate prices fell at the fastest pace in seven-and-a-half years in June, while consumer inflation was at its slowest since 2021.

Looking ahead, the week will see data on US consumer prices with inflation thought to be seen slowing, potentially lowering the chances that the Fed will hike rates again in September. Some big US banks are also due to report results on Friday, including JPMorgan, Wells Fargo and Citigroup.

In the UK, a survey of recruiters published on Monday showed wage growth in Britain’s labour market cooled further in June, which could help ease some of the Bank of England’s (BoE) concerns about inflation pressure.

Market watchers will be keeping an eye on Britain’s BT shares at the open after the company said on Monday it had started the hunt for a new chief executive after Philip Jansen told the board he planned to step down at “an appropriate moment” within the next year.

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