European stocks may open a tad lower on Tuesday following a slight uptick in U.S. Treasury yields.
The dollar held steady while gold prices dipped as bond yields rebounded ahead of a slew of commentary from Federal Reserve officials due this week, with Fed Chair Jerome Powell due to speak on Wednesday and Thursday.
Minneapolis Fed President Neel Kashkari said on Monday that inflation settling above 2 percent would be very concerning and he’s not convinced rate hikes are over.
Oil prices slipped in Asian trade as Israel once again rejected calls for a ceasefire but said it’s open to Gaza fighting pauses to facilitate the entry of aid or the exit of hostages from the Gaza Strip.
Asian markets traded mostly lower as China reported mixed trade data and the Reserve Bank of Australia raised its cash rate by 25 bps to a 12-year high, after a four-month pause since June.
China’s imports unexpectedly grew in October while exports contracted at a quicker pace, customs data showed earlier today in contrast to expectations.
German industrial production data, Eurozone producer price figures and U.S. reports on the U.S trade deficit in the month of September may attract attention later today along with remarks by several Fed officials.
U.S. stocks eked out modest gains overnight after last week’s strong rally on hopes the Fed is done with its monetary tightening.
The tech-heavy Nasdaq Composite inched up 0.3 percent to notch seven days of gains for the first time since January while the Dow and the S&P 500 edged up 0.1 percent and 0.2 percent respectively to extend gains for a sixth day.
European stocks fell for the first time in five days on Monday ahead of a busy week of speeches by central bank officials.
The pan European STOXX 600 slipped 0.2 percent. The German DAX dropped 0.4 percent and France’s CAC 40 shed half a percent while the U.K.’s FTSE 100 finished marginally higher.
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