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European Factors to Watch-Shares seen inching down ahead of data
June 3, 2014 / 5:30 AM / 3 years ago

European Factors to Watch-Shares seen inching down ahead of data

LONDON, June 3 (Reuters) - European stocks were seen giving up some of their recent gains on Tuesday ahead of fresh inflation and unemployment data from the eurozone.

Recent economic data have pointed to a weaker-than-expected recovery for the single-currency bloc, though share prices have been supported by the prospect of fresh intervention from the European Central Bank when it meets this week.

Financial spreadbetters expected Britain’s FTSE 100 to open 11 to 14 points lower, or around 0.2 percent, Germany’s DAX to open 4 points lower, or roughly flat, and France’s CAC 40 to open 3 to 4 points lower, or 0.1 percent.

Eurozone year-on-year inflation for May is expected to remain flat at 0.7 percent, while unemployment for April is also seen flat at 11.8 percent, according to Reuters polls.

The euro traded near a 3-1/2-month low on expectations of fresh monetary easing by the ECB, helping Asian shares higher on Tuesday.

Japan’s Nikkei hit a two-month high and last traded up 0.8 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 percent, nearing a one-year high hit last week.

Asian shares were bolstered by the U.S. Institute for Supply Management’s manufacturing activity index rising to 55.4 in May from 54.9 in April.

They were also supported by a gauge of China’s factory activity showing expansion at the fastest pace in five months in May.

Europe bourses in 2014: (

Asset performance in 2014: ( ------------------------------------------------------------------------------ MARKET SNAPSHOT AT 0525 GMT: > GLOBAL MARKETS-Nikkei leads gains in Asian shares after solid U.S. data > Dow, S&P end at records; Apple, Google drag on Nasdaq > Nikkei crests 15,000 for 1st time in 2 months on US data, weak yen > TREASURIES-Yields rise before ECB meeting, U.S. payrolls report > FOREX-Dollar near 4-mth high as data lifts sentiment, euro wary of ECB > PRECIOUS-Gold trades near 4-month low as stronger equities curb demand > METALS-Shanghai copper climbs near 3-mth peak after holiday > Brent holds near $109 as U.S., China economies seen improving (Reporting by Lionel Laurent; Editing by Anand Basu)

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