Monday, October 24, 2016

European Stocks Set To Open Higher Ahead Of PMI Data; Earnings In Focus

By Silvia Amaro
October 24, 2016

European stocks are set to open slightly higher on Monday with investors focused on fresh economic data and corporate earnings.

London's FTSE 100 is expected to open higher by 8 points to 7,028, while the German DAX is expected to open up 8 points at 10,718. The French CAC is set to rise just 2 points higher at 4,4538.

Investors are focused on flash manufacturing and services PMIs for the euro zone, due out at 9 a.m. London time.

Meanwhile, the Bank of England will release its latest Asset Purchase Facility Quarterly Report on Monday. Media reports over the weekend said that small U.K.-based banks were preparing to leave the city before the end of the year, whereas international banks were planning its departure for the start of 2017.

It is an important week for earnings. In Europe, Philips released new numbers showing third-quarter sales of 5.9 billion euros and a 14 percent improvement in adjusted EBIDTA (earnings before interest, taxes, depreciation and amortization).

Oil prices fell Monday after Iraqi officials said the country would not be part of any deal to cut OPEC production.

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