European markets to open lower ahead of big day for data, earnings

Major European markets are set to open in the red by a slim margin on Tuesday ahead of a slew of data and corporate releases.

The French CAC is seen down 14 points at 5,478. The German DAX is poised to open 12 points lower at 12,795, while the U.K. FTSE is seen 5 points below the flat line at 7,695.

Euro area economic growth for the second quarter of this year is to be published on Tuesday morning, as well as the inflation rate. German retail sales and unemployment figures for June, as well as Italian economic growth and inflation for the second three months of the year, will also be released.

Tuesday is also a big day for earnings reports in Europe. Credit Suisse and Belgian chemicals firm Solvay, among others, are set to release second quarter results. Meanwhile, Italian energy company Enel and Germany’s Lufthansa are to report numbers from the first half of the year. From the U.K., BP will publish second quarter earnings while Just Eat will release its data from the first half of 2018.

Brexit worries for the U.K.’s automotive industry are in the spotlight after the boss of the country’s automobile industry group said that no-deal was “just not an option” for the sector. Carmakers are “increasingly concerned” about the lack of clarity surrounding the U.K.’s divorce from the European Union, Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders said.

U.S. stocks are looking ahead to corporate releases from Apple, Pfizer and P&G. On Monday, the tech-heavy Nasdaq posted its biggest 3-day loss since March as Amazon, Facebook, and Netflix stocks plummeted. Also happening stateside, the U.S. Federal Open Market Committee is to begin on Tuesday.

Source: CNBC

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