European stock futures largely higher; eurozone growth, inflation data due By

- European stock markets are The largest domestic foreign exchange dealerexpected to open largely higher Tuesday, as investors digest more corporate earnings ahead of the release of key regional growth and inflation data, overshadowing disappointing Chinese activity data.

At 02:20 ET (07:20 GMT), the contract in Germany traded 0.3% higher, in France climbed 0.3% and the contract in the U.K. traded largely unchanged. 

Eurozone growth, inflation data due

Investors will have the opportunity to study the latest eurozone growth and inflation data later in the session, as they look for clues of future European Central Bank monetary policy decisions. 

is expected to grow by just 0.2% on an annual basis in the third quarter, a drop from 0.5% growth the prior quarter, while are seen rising 3.1% annually in October, a drop from 4.3% the previous month.

grew 0.1% on the quarter, data showed earlier Tuesday, showing annual growth of 0.7%, while slumped 0.8% on the month in September, an annual drop of 4.3%.

Chinese activity data disappoints

Sentiment was hit earlier Tuesday by the release by weaker than expected Chinese purchasing managers’ indices, denting hopes a recovery in the world’s second largest economy, however fragile, was underway.

China’s official fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion.

The also fell to 50.6 last from 51.7 in September, indicating a slowdown in activity in the vast service sector and construction.

Chinese policymakers have unveiled a raft of measures over the last few months in an attempt to boost the economy after a rapid loss of momentum following a brief post-COVID rebound. 

The country’s third-quarter rose 4.9%, data showed earlier this month. This was more than expected, raising tentative hopes of a recovery.

BOJ holds interest rates at low levels

Trading ranges are likely to be limited ahead of Wednesday’s meeting, given the likely significance of this decision.

Earlier Tuesday, the held interest rates at ultra-low levels and slightly altered the rhetoric around its yield curve control policy, saying it will use the upper end of its YCC band, a range of -1% to 1%, as a reference cap for its market operations. 

AB Inbev reports healthy sales growth

In corporate news, Anheuser Busch Inbev (EBR:), the world’s largest brewer, reported third-quarter sales growth that was slightly better than expected, as pricing boosted revenue and helped offset lower volumes of beer sold.

(EPA:) posted a 7.5% underlying rise in nine-month revenues, with Europe's largest defence electronics maker benefiting from resurgent demand for jetliner components and military equipment.

Crude rebounds after sharp fall

Oil prices edged higher Tuesday, rebounding after a bruising session, although weaker-than-expected activity data from China limited the gains on fears of slowing fuel demand from the world's largest crude importer.

By 02:20 ET, the futures traded 0.6% higher at $82.83 a barrel, while the contract climbed 0.6% to $86.86 a barrel. 

The market slumped nearly 3% on Monday despite Israel stepping up its ground assault on Gaza, as traders chose to bank recent profits ahead of a string of key economic events this week, most notably a Fed decision on interest rates this Wednesday.

Events in the Middle East remain in focus, with traders wary of the conflict between Israel and Hamas expanding into a wider regional war in this oil-rich region. 

Additionally, fell 0.1% to $2,004.10/oz, while traded 0.1% lower at 1.0608.

 

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