European markets opened lower on Tuesday as investors anticipated key economic data from the United States, particularly inflation figures due on Wednesday. The Stoxx 600 index was down 0.15% at 9 a.m. London time, with most sectors in the red following Monday’s solid gains.
Sector Performance and Stock Movement
Travel stocks led losses, down 0.65%, while mining stocks rose by 1.4%. BP shares reached their highest level since October after the oil major forecasted higher upstream production in oil and gas for the first quarter. However, French IT consultancy Atos experienced choppy movement, initially rising 5% before slipping to a 1.6% loss after detailing its refinancing framework.
Market Outlook and FedWatch Tool
Markets continue to speculate on the possibility of a rate cut in March, with CME’s FedWatch tool indicating a roughly 50% chance. However, Minneapolis Fed President Neel Kashkari raised the possibility of zero rate cuts this year if inflation persists.
Global Market Sentiment
U.S. stock futures remained relatively unchanged overnight, while Asia-Pacific markets displayed mixed performance as investors awaited consumer confidence data from Japan.
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Credit: Doris Chinwe Omemgbeoji