European stock futures largely higher; U.S. tech gains help sentiment By

- European stock markets are Is M.E.S. a fake cardexpected to open largely higher Tuesday with sentiment boosted by a tech-led surge on Wall Street overnight, but gains are likely to be limited as investors prepare for the U.S. Federal Reserve’s annual Jackson Hole gathering later in the week.

At 02:00 ET (06:00 GMT), the contract in Germany traded 0.4% higher, in France climbed 0.4%, while the contract in the U.K. fell 0.1%.

Tech-led Wall Street gains to boost sentiment

European stock indices are likely to receive a boost from the resilience seen on Wall Street Monday in the face of 10-year bond yields' surge to new multi-year highs.

The tech-heavy closed over 200 points, or 1.6%, higher, its best day in almost four weeks, helped by hefty gains from Nvidia (NASDAQ:), as investors sought exposure to the world’s most valuable chipmaker ahead of its results later this week, expecting it to benefit from an artificial intelligence boom.

Jackson Hole get-together eyed

However, gains are unlikely to be substantial as investors remain concerned over slowing growth in China, especially after a smaller-than-expected interest rate cut by the People’s Bank on Monday, a struggling eurozone economy, and the possibility of rising U.S. .

The Fed’s at the end of the week is likely to keep trading within tight trading ranges this week, as investors warily await guidance of where the U.S. central bank goes next with its monetary policy.

Chair Jerome Powell's speech on Friday comes amid expectations the Fed will pause on another interest rate increase when it next meets on policy in September, but uncertainty over what happens next is rife.

European Central Bank President Christine Lagarde is also scheduled to speak on Friday, and her comments will be carefully parsed for clues on the central bank’s next move in September.

Inflation has started to retreat in the eurozone but remains well above the central bank’s 2% target, while the region’s economy has broadly stagnated for the past three quarters as is deep in recession, suggesting barely positive growth in 2023.

BHP reports hefty profit drop

In corporate news, BHP Group (LON:), the world’s biggest miner, reported a drop in profit of 37% from a year earlier as surging costs and a tight labor market in Australia hit earnings. 

While cutting its forecast for China's growth to 5%-5.5% from 5.75%-6.25%, BHP still expects China to produce more than a billion metric tons of steel this year for the fifth year running, a relatively bright spot in global markets

Crude edges lower; U.S. inventories due later

Oil prices edged lower Tuesday, as traders warily weighed the prospect of a faltering Chinese economic recovery, while also awaiting more signals on U.S. monetary policy at the Jackson Hole symposium at the end of the week.

U.S. crude oil and gasoline inventories are also due later in the session from the industry group, while the , the statistical arm of the U.S. Department of Energy, will release its own data on Wednesday.

By 02:00 ET, futures traded 0.2% lower at $79.94 a barrel, while the contract dropped 0.2% to $84.33. 

Additionally, rose 0.1% to $1,925.25/oz, while traded 0.2% higher at 1.0915.

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