European markets to open higher as investors await crucial Fed meeting
European markets are set to open higher Monday as investors await this week’s crucial U.S. Federal Reserve meeting.
The FTSE 100 is seen up around 24 points at 7,370, while the DAX is expected to open 24 points higher at 12,120. France’s CAC 40 is set to nudge 7 points higher to 5,375, according to IG data.
Investors will be anticipating the Fed meeting amid expectations that the U.S. central bank could be cutting interest rates soon.
Asian stocks traded mixed Monday afternoon, with the unfolding extradition bill protests in Hong Kong, rising tensions between the U.S. and Iran over oil tanker attacks off the Gulf of Oman, and Friday’s weak Chinese industrial output data all compounding market uncertainty.
Chipmaker stocks took a hit worldwide Friday after Broadcom issued a sales warning, citing the U.S.-China trade war, and Reuters reported Monday that U.S. chipmakers which supply Huawei are quietly lobbying the White House to ease its ban on sales to the Chinese telecommunications giant.
Back in Europe, Deutsche Bank is preparing to create a 50 billion euro ‘bad bank’ as chief executive Christian Sewing shifts Germany’s biggest lender away from investment banking, according to the Financial Times.
Dutch bank ABN Amro announced Sunday that CEO Kees van Dijkhuizen will leave when his term expires in April.
In the U.K., Conservative party candidates to replace British Prime Minister Theresa May, in a live TV debate on Sunday, took aim at favorite Boris Johnson over his promise to take Britain out of the European Union with or without a deal on October 31.