Euro stocks edge up, boosted by de Guindos remark
European stock markets are anticipated to open higher on Wednesday, riding on positive comments from the European Central Bank (ECB). However, worries still linger over the strength of the global economic recovery.
DAX futures contract in Germany was up 0.3% by 2:05 AM ET (0605 GMT), while France’s CAC 40 futures inched up 0.6% and the FTSE 100 futures contract in the UK climbed up 0.6%.
ECB Vice President Luis de Guindos’ comments helped the tone on Wednesday. De Guindos stated in a Spanish newspaper that the Eurozone economy is growing faster than the ECB expected.
However, this could also prompt a sooner-than-expected withdrawal of the Central Bank’s stimulus, especially after Tuesday’s Eurozone inflation data revealed a 3% increase in consumer prices, higher than the ECB’s 2% target.
In Germany, retail sales fell 5.1% on the month in July, far lower than expected, setting the tone for the release of the latest Eurozone unemployment figures for July and August manufacturing PMI data.