Wednesday, August 10, 2022

European markets head for higher open ahead of Ukraine-Russia talks

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LONDON — European stocks are expected to build on gains from the previous day, opening higher on Tuesday ahead of another round of Ukraine-Russia talks.

The U.K.’s FTSE index is seen opening 29 points higher at 7,508, Germany’s DAX 93 points higher at 14,555, France’s CAC 40 up 40 points at 6,652 and Italy’s FTSE MIB 181 points higher at 24,289, according to data from IG.

The higher open expected in Europe comes as investors in the region remain focused on developments in Russia’s invasion of Ukraine. Face-to-face talks between the two sides are set to continue this week, with delegations from both countries traveling to Turkey as talks resume Tuesday.

Ukrainian officials said they would not be opening any humanitarian corridors Monday to allow the evacuation of civilians in light of intelligence that suggested Russian forces may be planning an attack on the evacuation routes.

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Elsewhere, U.S. stocks struggled for direction Monday as investors took a pause following two straight weeks of gains. Traders are awaiting a series of key economic reports, while also keeping a close eye on the Federal Reserve’s planned interest rate hikes.

Data releases in the U.S. this week include the Job Openings and Labor Turnover Survey on Tuesday, and ADP will also release its private payrolls data ahead of the closely watched monthly jobs report, on Friday.

CNBC’s coverage of the Atlantic Council Global Energy Forum continues on Tuesday and CNBC will be hosting panels with key business leaders including Regina Mayor, KPMG global sector head of energy, Larry Fink, CEO of BlackRock and Leo Simonovich, vice president and global head of Industrial Cyber & Digital Security at Siemens Energy.

On Monday, the UAE’s energy minister told CNBC at the forum that Russia will always be part of OPEC+ even as governments shun Moscow over the war in Ukraine.

The Bank of England publishes its latest Quarterly Bulletin Tuesday. There are no major earnings.

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