European Markets Seen Opening With A Negative Bias

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2023-09-19 06:06:20  • 3 mins

Sentiment across European markets is seen weak on Tuesday ahead of looming central bank decisions. Hawkish commentary from ECB officials and further uptick in crude oil prices is seen dragging equity indexes lower ahead of the interest rate decisions by the Federal Reserve, Bank of England, Bank of Japan as well as the Peoples Bank of China.

Wall Street had rebounded on Monday, closing the day's trade with mild gains amidst overwhelming hopes of a pause in the Fed's review due on Wednesday. Nasdaq Composite edged up 0.01 percent to close at 13,710.24 whereas the Dow Jones Industrial Average edged up 0.02 percent to finish trading at 34,624.30.

Hawkish statements by ECB officials dampened sentiment at the European bourses on Monday. The surge in crude oil prices and fears of renewed inflationary pressures added to the bearish market mood. France's CAC 40 topped losses with a decline of 1.4 percent driven by a more than 12 percent plunge in the shares of Societe Generale. The pan-European Stoxx-50 and Germany's DAX, both erased more than 1 percent. Switzerland's SMI dropped 0.96 percent followed by U.K.'s FTSE 100 that slipped 0.76 percent.

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