Spreadex Market Update
European stocks open higher
European stocks are seen opening higher, rising for a second session with volumes likely to pick up as Britain and the United States return after a long weekend. The gains are likely to follow Asia’s positive session overnight as a weakening Yen boosted the earnings outlook for Japanese exporters.
With a quiet economic calendar, investors are likely to look ahead at May’s US Consumer Confidence data as the next key inflation point. Economists’ forecasts suggest the figure will rise for a second consecutive month to reach the highest level in six months. However, if the Consumer confidence data shows improved future and economic conditions, this could contribute to a decision from the Federal Reserve to reduce their bond-buying program. As stated in the latest FOMC meeting, the Fed is likely to unwind their QE program if the US economy shows signs of improving.
WTI Crude fell for a fifth day as United Arab Emirates said global demand will stay ‘relatively weak’. OPEC meetings on the 31st May are likely to keep its supply targets unchanged.
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