European markets set for modest rise, with earnings in focus; HSBC beats
- European earnings on Monday come from Michelin, while Germany's Ifo Institute releases its October business climate survey.
- Attention this week will be attuned to big tech earnings, with Facebook due to report Monday.
- Global investors continue to track inflation, which has risen sharply as spiking energy prices and supply chain bottlenecks converge, sending euro zone inflation to a 13-year high in September.
LONDON — European stocks are set to open slightly higher on Monday as investors continue to monitor corporate earnings, Covid-19 and the inflation picture.
Britain's FTSE 100 is seen around 23 points higher at 7,228, Germany's DAX is set to add around 26 points to 15,569 and France's CAC 40 expected to climb around 19 points to 6,753, according to IG data.
Shares in Asia-Pacific were mixed on Monday as HSBC posted a better-than-expected third-quarter pre-tax profit, which jumped 75.8% from a year ago to $5.4 billion.
Investors also monitored the stock of embattled property developer China Evergrande Group, which whipsawed after the firm announced Sunday that it had resumed work on more than 10 projects. The company last week appeared to sidestep default through a last-minute bond coupon payment.
Stateside, stock futures edged lower in early pre-market trading on Monday after Wall Street notched its third positive week in a row. Both the S&P 500 and the Dow Jones Industrial Average closed Friday's session at a record high. Investors this week will be looking to big tech earnings, with Facebook due to report Monday.
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Back in Europe, the Italian government on Sunday ended talks with UniCredit over the rescue of commercial bank Monte dei Paschi di Siena. The breakdown draws a line under multi-year efforts by the government to privatize the ailing Tuscan bank.
European earnings on Monday come from Michelin, while Germany's Ifo Institute releases its October business climate survey.
Global investors also continue to track inflation, which has risen sharply around the world as spiking energy prices and supply chain bottlenecks converge, sending euro zone inflation to a 13-year high in September.
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