European stocks set for higher open, brushing off market jitters elsewhere
- European stocks are expected to open higher on Thursday, unperturbed by declines in Asia-Pacific overnight and U.S. markets on Wednesday.
- The U.K.'s FTSE index is seen opening 14 points higher at 7,116, Germany's DAX 41 points higher at 15,400, France's CAC 40 up 16 points at 6,579 and Italy's FTSE MIB 113 points higher at 25,511, according to data from IG.
European stocks are expected to open higher on Thursday, unperturbed by declines in Asia-Pacific overnight and U.S. markets on Wednesday.
The U.K.'s FTSE index is seen opening 14 points higher at 7,116, Germany's DAX 41 points higher at 15,400, France's CAC 40 up 16 points at 6,579 and Italy's FTSE MIB 113 points higher at 25,511, according to data from IG.
The solid open expected for European markets comes amid declines elsewhere; overnight in Asia-Pacific, shares traded mixed as investors reacted to the release of Chinese factory activity data for September.
China's official manufacturing Purchasing Managers' Index for September came in at 49.6, below expectations for a reading of 50.1 by analysts in a Reuters poll. PMI reading below 50 represent contraction while those above that level signify expansion.
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Meanwhile, U.S. stock index futures inched higher during overnight trading on Wednesday, after tech stocks dipped again as investors digest the impact from higher rates.
The tech decline came as the U.S. 10-year Treasury yield hit a high of 1.56% on Wednesday, after rising to 1.567% on Tuesday. The move higher is pressuring tech stocks since it makes promised future cash flows look less attractive.
On Thursday, investors in Europe will be keeping an eye on a number of important data releases including the latest U.K. quarterly GDP figures, French consumer spending data, Spanish retail sales data, German and Italian unemployment numbers and preliminary consumer price inflation data from France, Germany and Italy. The euro zone also releases its latest unemployment data.
Earnings come from the Boohoo Group and H&M on Thursday.
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— CNBC's Eustance Huang and Pippa Stevens contributed to this market report.
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