📆 Montag, 16. Dezember
► European stock futures opened lower on Monday as weak retail sales data from China dampened investor sentiment. The disappointing 3% growth in November, falling short of the expected 5%, heightened concerns about the global economic outlook. We see the Stoxx 600 index trading 0.17% lower. Additionally, Moody’s downgrade of France’s credit rating from “Aa2” to “Aa3” exacerbated uncertainty, reflecting growing fiscal challenges and political fragmentation. The CAC 40 index has already faced pressure, closing marginally lower last week as President Macron struggles to maintain stability following his latest cabinet reshuffle. Political nervousness also spread to Germany, where Chancellor Olaf Scholz faces a critical vote of confidence that he wants to use to trigger snap elections, which would prevent any meaningful fiscal support for Europe's largest economy, which is already struggling with slow(ing) “growth”.
► US stock futures, on the other hand, are stable, even slightly up (S&P 500 +0.15%). Traders remain cautious ahead of the Federal Reserve’s rate decision this Wednesday. The Fed is expected to cut rates by 25 basis points. Swaps traders are now pricing in three 25 basis point rate cuts over the next 12 months, though last week’s expectation of a fourth cut has moderated. Treasury yields edged higher as investors positioned ahead of the announcement, reflecting lingering concerns about inflation and the broader economy.
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