LONDON – European markets were subdued on Tuesday morning, struggling to kick off a global risk-driven economy driven by hopes of economic recovery.
The pan-European Stoxx 600 hovered fractionally above the flatline in early trading, with oil and gas stocks rising 0.8% to drive gains while the media sector fell 0.5% lower.
Stateside, futures tied to the major indices indicates robust gains on Wall Street at Tuesday’s opening as trading starts after Monday’s Presidential Day.
The World Health Organization on Monday approved the AstraZeneca / University of Oxford Covid-19 vaccine for emergency use and expanded access to the relatively inexpensive shot around the world.
The release of economic data will be high on the agenda in Europe on Tuesday, with the euro area’s flash GDP and employment figures for the fourth quarter expected at
In February, ZEW’s economic sentiment index for both Germany and the wider eurozone is also expected at
On the earnings front, French tire manufacturer Michelin reported a full-year 2020 profit for the year of 625 million euros ($ 758.6 million), a sharp drop from 2019’s 1.73 billion euros. However, the company expected growth of up to 10% in its markets in 2021 and increased its dividend to shareholders. The company’s stock rose 0.5% higher in early trading.
In terms of the individual stock price movement, shares in the TechnipFMC spin-off Technip Energies rose 32% to lead the Stoxx 600 on their first trading day in Paris. TechnipFMC shares fell more than 8% to the bottom of the European blue chip index.
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