{"id":37164,"date":"2023-07-18T06:09:26","date_gmt":"2023-07-18T10:09:26","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/european-stocks-drift-in-subdued-session-key-u-s-earnings-due-later\/"},"modified":"2023-07-18T06:09:27","modified_gmt":"2023-07-18T10:09:27","slug":"european-stocks-drift-in-subdued-session-key-u-s-earnings-due-later","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37164","title":{"rendered":"European stocks drift in subdued session; key U.S. earnings due later"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com – European stock markets drifted in subdued trading Tuesday, with investors looking forward to more corporate earnings while worries over the Chinese economic recovery continue to linger.<\/p>\n

At 03:20 ET (07:20 GMT), the \u00a0index in Germany traded 0.1% lower, while the \u00a0in the U.K. gained 0.1% and the \u00a0in France rose 0.1%.<\/p>\n

Chinese worries remain<\/strong><\/h2>\n

With little in the way of economic data due in Europe Tuesday, worries over the health of the Chinese economy, the world’s second-largest, in the wake of its disappointing have continued, especially given European consumer, technology, industrial and materials sectors all have significant exposure to China.<\/p>\n

The luxury sector is also very reliant on sales in Asia, and China in particular, for growth, although the world’s second-biggest luxury firm, Richemont <\/span><\/span> (SIX:), dropped over 10% on Monday, the sharpest one-day percentage fall in over a year, after weakness in the Americas weighed on first-quarter organic sales growth. Its stock fell an additional 0.3% Tuesday.<\/p>\n

Quarterly earnings continue<\/strong><\/h2>\n

Novartis <\/span><\/span> (SIX:) sock rose 2.5% after the Swiss drugmaker raised its full-year earnings guidance, citing strong drug sales as it laid out plans for the spin-off of its generic medicines division Sandoz for early in the fourth quarter.<\/p>\n

Swedbank <\/span><\/span> (ST:) stock rose over 2% after the Swedish lender announced a more than doubling of its net profit in the second quarter, benefiting from higher interest income as rates increased.<\/p>\n

That said, most of Tuesday\u2019s attention will be on earnings across the pond with results expected from the likes of lenders Morgan Stanley <\/span><\/span> (NYSE:), Bank of America (NYSE:) and Charles Schwab <\/span><\/span> (NYSE:), as well as toy maker Hasbro (NASDAQ:) and aerospace company Lockheed Martin <\/span><\/span> (NYSE:).\u00a0<\/p>\n

Oil prices rebound ahead of U.S. inventories<\/strong><\/h3>\n

Crude prices edged lower Tuesday, with the focus turning from China’s weakness towards a possible tightening of U.S. crude supplies.<\/p>\n

Investors were now awaiting more signals from weekly U.S. inventory data, due from the , later in the session, and then the on Wednesday. The data is expected to show a decline in stockpiles after a substantially bigger-than-expected build in the prior week.\u00a0<\/p>\n

However, Monday\u2019s disappointing Chinese growth numbers mean sentiment remains weak, with traders looking for more stimulus measures from Beijing, as the government moves to shore up economic growth.\u00a0<\/p>\n

By 03:20 ET, the futures traded 0.2% lower at $73.94 a barrel, while the contract dropped 0.2% to $78.33.\u00a0<\/p>\n

Additionally, rose 0.5% to $1,966.05\/oz, while traded 0.3% higher at 1.1267.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com – European stock markets drifted in subdued trading Tuesday, with investors looking forward to more corporate earnings while worries over the Chinese economic recovery continue to linger. At 03:20 ET (07:20 GMT), the \u00a0index in Germany traded 0.1% lower, while the \u00a0in the U.K. gained 0.1% and the \u00a0in France rose 0.1%. […]<\/p>\n","protected":false},"author":1,"featured_media":11975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-37164","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nEuropean stocks drift in subdued session; key U.S. earnings due later | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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