Europe before the bell: futures rise before inflation pointers
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EUROPE BEFORE THE BELL: FUTURES RISE BEFORE INFLATION POINTERS
European stock futures are mostly higher on Thursday as investors await national consumer prices data from Germany and Spain before key euro zone wide data on Friday.
Inflation data could be pivotal for helping the ECB decide by how much to lower interest rates at its December meeting, with markets fully pricing in a 25-bp cut and around a 15% chance of a 50-bp move.
The probability of a half-point cut stood at around 50% last week after PMI data showed a deterioration in business activity in the bloc, but markets trimmed expectations for a jumbo cut after the ECB's Isabel Schnabel said on Wednesday she preferred a gradual approach to cuts.
For now, Euro STOXX futures STXEc1 are up 0.6%. Futures on Germany's DAX FDXc1 and Britain's FTSE FFIc1 are up 0.3% and 0.1%, respectively.
France's CAC 40 futures FCEc1 are up about 0.2% after the index fell to its lowest since August on Wednesday on concerns the coalition government could collapse as PM Michel Barnier attempts to pass his belt-tightening budget.
In corporate news, Remy Cointreau RCOP.PA reported a 17.6% fall in half-year operating profit, although that was slightly better than expectations.
International Distribution Services IDSI.L shares could also be in focus after the BBC reported that Czech billionaire Kratinsky's EP Group is close to finalising a deal to buy the parent company of Royal Mail, agreeing to make extra concessions in a order to get the deal over the line.
(Samuel Indyk)
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