June 2, 2023

LONDON – European markets will gain cautiously on Monday as investors continue to monitor corporate earnings and key economic data points to assess recession risks.

Britain’s FTSE 100 was up about 19 points to 7,459, Germany’s DAX was expected to gain about 54 points to 13,628 and France’s CAC 40 was up about 21 points to 6,493.

The pan-European Stoxx 600 closed around 0.8% lower on Friday after a surprisingly strong U.S. jobs report lowered recession expectations, which in turn increased the likelihood that the Federal Reserve will tighten monetary policy more aggressively to reduce inflation.

Asia-Pacific markets were mixed overnight, with Hong Kong’s tech-heavy Hang Seng index dragging the region.

U.S. stock futures were flat after the S&P 500 closed higher for a third straight week as investors turned their attention to Wednesday’s key inflation report.

In European data, the Eurozone Sentix Economic Sentiment Index for August is due out on Monday morning.

Corporate earnings continued to drive individual shares in Europe, with the likes of Siemens Energy, Porsche and BioNTech reporting ahead of Monday’s open.

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