Global selloff eases; earnings, U.S. inflation
Traders work on the floor of the New York Stock Exchange as a picture of Vice President Kamala Harris is displayed on a television screen, on July 22, 2024.
Spencer Platt | Getty Images
LONDON — European markets are heading for a mixed open Friday, as a global stock selloff eases and investors await U.S. inflation.
The pan-European Stoxx 600 has closed lower for the last two sessions amid a sharp downturn in technology stocks, with Wall Street’s tech-heavy Nasdaq Composite down more than 3% this week.
Overall, Stoxx losses have eased from last week, when the regional index recorded its worst performance since October.
The biggest item on the data front Friday is the U.S. personal consumption expenditures price index, due at 8:30 a.m. ET, as investors seek more support for high expectations for a September rate cut. Economists polled by Dow Jones expect the headline figure to come in at 2.5% annually and 0.1% monthly.
Earnings season continues in full force, with German automaker Mercedes Benz narrowing its annual profit margin forecast as it tackles subdued Asian demand. Autos firms are reporting a range of struggles in their latest results, with Stellantis on Thursday recording a 48% decline in first half net profit on weaker U.S. sales.
Asia-Pacific markets largely rebounded Friday, as Tokyo’s headline inflation slowed slightly to 2.2% in July from 2.3% in May. U.S. stock futures were higher in the early hours.