Economy

European Shares Seen Subdued Ahead Of US Inflation Data

European Shares Seen Subdued Ahead Of US Inflation Data”

Earlier, Japanese stocks had also fluctuated, but they closed higher as Hong Kong and Chinese shares slipped.

The S&P 500 Index opened higher after shares slipped Monday ahead of the inflation reading.

The jobs news likewise lifted riskier currencies, including the Mexican peso and Canadian and Australian dollars, while weighing on the safe-haven yen. The dollar and Treasury yields held declines. The pullback in wages tempered speculation the Federal Reserve would project four rate hikes - or dot plots - at its policy meeting next week, instead of the current three.

U.S. President Donald Trump on Monday blocked Singapore chipmaker Broadcom from pursuing a hostile takeover of Qualcomm Inc on grounds of national security, ending what would have been the technology industry's biggest deal ever. The mix of brisk U.S. economic growth and restrained inflation was a positive one for most commodities, with industrial metals and oil performing well. USA crude futures rose 16 cents to $62.20 a barrel.

China data on industrial production, retail sales and fixed-asset investment all out on Wednesday are likely to point to slower growth, according to Bloomberg Economics forecasts. Headline inflation may have edged up to 2.2% in February from 2.1%, though consensus before Tuesday's report is for core inflation to remain at 1.8%.

Friday's second inflation report for February may touch 1.2% from 1.1% the previous month.

Also this week, Germany's Angela Merkel is inaugurated to a fourth term, and EU27 government officials discuss the European Union's Brexit position.

Japan's Topix index slid less than 0.1% as of 12:42 pm in Tokyo.

The Bloomberg Commodity Index gained 0.3 percent.

E-Mini futures for the S&P 500 put on another 0.3 per cent. Japan's Nikkei jumped 1.5 per cent, showing little immediate reaction as Prime Minister Shinzo Abe came under renewed fire over suspicions of cronyism involving the sale of state-owned land. The underlying measure lost 0.1%.

Elsewhere, though the renewed drop in currency volatility prompted investors to add bets on higher-yield currencies with the Australian dollar AUD=D3 recovering smartly from three-month lows while the euro gaining almost 2 percent in the last 10 trading sessions.

Germany's 10-year yield fell two basis points to 0.62 percent, the lowest in nearly seven weeks.

The euro EUR=EBS was broadly flat around $1.2329 against the dollar on the day.

The British pound climbed 0.3 percent to $1.3952, the strongest in two weeks.

Britain's 10-year yield declined two basis points to 1.473 percent, the lowest in more than a week. Australia's 10-year yield was steady at 2.81%. South Korea rose 1 per cent while Australia's main index added 0.7 per cent, boosting by mining shares on news that Australia could be exempt from new USA trade tariffs on steel and aluminium imports.

In commodities US crude futures CLc1 and Brent were both down half a percent each at 61.01 per barrel and 64.60 per barrel respectively.

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