The DAX Futures is trading at 11,330.50 up with +0.17% percent or +19.00 point.The FTSE 100 Futures is trading at 7,048.20 up with +0.14% percent or +10.20 point. The CAC 40 Futures is trading at 5,040.00 with a loss of -1.30% percent or -66.50 point. The EURO Stoxx 50 Futures trading at 3,185.00 with a loss of -1.09% percent or -35.00 point.
TODAY’S FACTORS AND EVENTS
European stock markets continue to show volatility, as investors keep a nervous eye on two simmering issues. One is Brexit, where Prime Minister May is facing stiff opposition over her Brexit proposals. British and European negotiators met on the weekend but were unable to resolve the Irish border issue. The EU wants a backstop solution to be under the jurisdiction of the European Court of Justice, but the UK is unlikely to agree to such a proposal.
The standoff between Italy and the EU over Italy’s budget could escalate this week. The EU Commission has demanded that Italy revise its budget by Tuesday, which it argues raises Italy’s debt and is in breach of EU fiscal rules. If Italy refuses to comply, the EU could impose financial sanctions on Rome. For its part, the Italian government says that the economic slowdown requires an expansionary budget. Italy has suggested that it will lower its GDP forecast, in order to meet the EU requirements. Italy is the third largest economy in the eurozone, and the financial markets and the euro could react negatively if Rome and Brussels cannot resolve the crisis.
PREVIOUS DAY ACTIVITY
For the day the Dow is trading at 25,387.18 with a loss of -2.32% percent or -602.12 point. The S&P 500 is trading at 2,726.22 with a loss of -1.97% percent or -54.79 point. The Nasdaq Composite is trading at 7,200.87 with a loss of -2.78% percent or -206.03 point.
In other parts of world, Japan’s Nikkei 225 is trading at 21,810.52 with a loss of -2.06% percent or -459.36 point. Hong Kong’s Hang Seng is trading at 25,564.58 with a loss of -0.27% percent or -68.60 point. China’s Shanghai Composite is trading at 2,650.94 up with +0.78% percent or +20.42 point. India’s BSE Sensex is trading at 34,878.74 up with +0.19% percent or +65.75 point at 12:15 PM.