On Monday, a swathe of European stock indices’ futures had climbed over 1.0 per cent in early Asia-Pacific trading, as investors were reportedly buying-the-dip following a tumbling of a raft of European bourses to two-month lows on Friday over inflation concerns, kicking off October 2021 in a downbeat tenure that has been conventionally seen as a tumultuous month for global equity indices.
Earlier in the Asia-Pacific trading on Monday, Frankfurt’s DAX futures jumped 1.04 per cent to 15,279.9 and London’s blue-chip FTSE 100 was last trading just a notch shy of 1.0 per cent higher to 7074.20, while Madrid’s benchmark IBEX 35 futures mounted as much as 1.19 per cent to 8,861.60.
Nonetheless, a slew of European stock indices had rounded off Friday’s European market at their two-month lows, as dismal factory activity data alongside a likely increase in annual inflation in eurozone to a roughly 13-year high, had dampened investors’ optimism, while overnight losses in the Wall Street alongside staggering factory activity figures in Asia had fanned up the flames further.
Meanwhile, addressing to a growing likelihood of a longer period of higher inflation across the eurozone, a market analyst at Equiti Capital, David Madden, said, “Just because it appears the ECB will maintain its policy for the foreseeable future, doesn’t mean that higher inflation should be ignored”.
European stock futures jump after tumbling to a 2-month low last week
Citing statistics, on Friday’s European market wind-down, London’s blue-chip FTSE 100 faltered 0.84 per cent to 7,027.07 and French CAC 40 edged 0.04 per cent lower to 6,517.69, while Frankfurt’s DAX shed 0.68 per cent to 15,156.44.
Elsewhere in the Europe, Italy’s FTSE MIB faltered 0.27 per cent to 25,615.31, while Madrid’s benchmark IBEX 35 added 0.04 per cent to 8.799.50. On the week, London’s FTSE 100 shrugged off 0.35 per cent, French CAC 40 lost 1.82 per cent and Frankfurt’s DAX dwindled as much as 2.42 per cent, while Italy’s FTSE MIB muzzled 1.36 per cent and Madrid’s IBEX 35 declined 0.83 per cent.
Regional pan-European STOXX 600, in tandem, fell 0.4 per cent in the day and 2.2 per cent over the week, mostly dragged down by a havoc-scale wallowing of technology, mining and bank stocks.