Monday, October 31, 2016

Europe Markets Seen Lower On Rising Uncertainty Over US Election

By Silvia Amaro
October 31, 2016

European markets are expected to open lower on Monday as revelations over the weekend increased uncertainty over the upcoming U.S. presidential election.

The FTSE 100 should open 29 points lower at 6,967; the German DAX is seen 27 points lower at 10,669 and the French CAC is also expected to open 24 points lower at 4,524.

The FBI announced last Friday evening that it was looking into additional emails as part of the ongoing investigation into Hillary Clinton's use of a private email server. The revelation could damage the chances of the Democrat candidate with over a week before election day.

Meanwhile, OPEC countries seem far from reaching an agreement over an oil-supply cut. After more than 18 hours of talks in Vienna over the weekend, there was no tangible consensus from non-OPEC producers over joining the proposed production cut.

Officials will be meeting at the end of November, hoping to have a final deal that boosts oil prices. However, the failed talks over the weekend sent prices on a downward trend during Asian trading. Brent was 0.5 percent lower at $49.46 a barrel and U.S. crude was down 0.39 percent at $48.51 a barrel.

The Bank of Japan started Monday a two-day policy decision, but analysts are not forecasting any changes in policy. Back in Europe, euro zone inflation and growth data is due out at 10.00 a.m. London time.

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