Searching for direction with data, earnings in focus
LONDON — European markets were flat on Monday as investors searched for direction amid a steady drip of economic data and corporate earnings from around the world.
The pan-European Stoxx 600 hovered around the flatline in early trade, with basic resources shedding 1% while travel and leisure stocks added 1.2%.
Global markets in recent weeks have been guided by corporate earnings reports along with inflation and labor market data from major economies, which will have significant bearing on the policy path for central banks.
Shares in Asia-Pacific were mixed overnight, with mainland Chinese markets lagging despite Chinese economic data coming in considerably better than expected.
Stateside, stock futures were flat in early premarket trading after the S&P 500 snapped a five-week winning streak on Friday.
Airbus over the weekend trimmed its 20-year commercial airplane demand forecast by 0.5% compared to pre-pandemic projections, while lifting its outlook for freight carriers.
On the data front, a flash estimate of euro zone consumer confidence data for November is due to be published shortly before the closing bell on Monday.
On the agenda later in the week are flash third-quarter euro zone GDP estimates on Tuesday morning and the annual European Business Summit in Brussels.
In terms of individual share price movement in Europe, Philips dropped more than 9% after the Dutch medical equipment maker said on Sunday that it is speaking to U.S. regulators following a recent inspection at one of its facilities.
Philips is in the midst of a recall of ventilators owing to the use of parts alleged to contain a potentially hazardous foam.
At the top of the Stoxx 600, Czech software company Avast gained 6.6%.
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