European stock futures struggle for direction
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EUROPEAN STOCK FUTURES STRUGGLE FOR DIRECTION
Major European equity index futures are struggling for direction on Monday as details on China's stimulus remain scant following a weekend press conference, and as eyes turn to Thursday's ECB rate announcement.
Markets will also be watching Chinese growth figures, released on Oct. 18, after data on Monday showed consumer inflation unexpectedly eased in September, signalling weak domestic demand.
Hopes for large-scale stimulus from China have been a support for global equities since the back end of September, but the boost to European shares appears to be waning as markets await measurable details.
Euro STOXX 50 futures are little changed on Monday. Futures on the DAX FDXc1, CAC FCEc1 and FTSE FFIc1 aren't too far from flat either, with those on the German bourse the best performing, up 0.16%.
Looking forward, the ECB this week is expected to lower interest rates for the third time this cycle on Thursday, a prospect that looked unlikely in September, as soft economic data forces their hand.
In corporate news, automakers will be monitored this week as the Paris car show kicks off, with tensions running high between China and Europe as the EU gears up to impose tariffs on Chinese made EVs.
Britain's bookmakers will also be in focus after media reports that the new government is considering a 3 billion pound tax raid on gambling firms.
(Samuel Indyk)
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MONDAY'S OTHER LIVE MARKETS POSTS:
CHINA STIMULUS GETS MIXED REVIEWSCLICK HERE
China's fiscal stimulus plan gets muted reaction https://reut.rs/40369kP
Annual change in China’s consumer prices https://reut.rs/3YlIwCu
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