The DAX Futures is trading at 11,427.50 with a loss of -0.10% percent or -11.00 point.The FTSE 100 Futures is trading at 7,006.20 with a loss of -0.42% percent or -29.80 point. The CAC 40 Futures is trading at 5,053.00 with a loss of -0.11% percent or -5.50 point. The EURO Stoxx 50 Futures trading at 3,196.00 up with +0.35% percent or +11.00 point.
TODAY’S FACTORS AND EVENTS
The DAX has posted gains on Tuesday, after very sharp losses in the Monday session. Currently, the DAX is trading at 11,408, up 0.32% on the day. In economic news, German ZEW Economic Sentiment posted a dismal reading of -24.1, just above the estimate of -24.2 points. Eurozone ZEW Economic Sentiment fell to -22.0, much weaker than the estimate of -17.3 points. On Wednesday, Germany and the eurozone will release GDP reports.
The deadlock between Italy and the EU over Italy’s budget continues to weigh on the markets. The EU Commission has set midnight Tuesday as a deadline for Italy to revise its budget by Tuesday, which it argues raises Italy’s debt and is in breach of EU fiscal rules. However, Italian officials have flatly rejected the EU demands. Matteo Salvini, Italy’s interior minister, stated that the government would not change the budget by “one iota”. The EU could respond with stiff fines, worth billions of euros. There is serious concern in Brussels about that overspending by the Italian government could hurt Italian stocks and bonds, destabilize the banking sector and even lead to contagion in other eurozone members. With Rome and Brussels on a collision course, the fallout could weigh on European stock markets and the euro.
PREVIOUS DAY ACTIVITY
For the day the Dow is trading at 25,286.49 with a loss of -0.40% percent or -100.69 point. The S&P 500 is trading at 2,722.18 with a loss of -0.15% percent or -4.04 point. The Nasdaq Composite is trading at 7,200.88 up with +0.000088% percent or +0.0063 point.
In other parts of world, Japan’s Nikkei 225 is trading at 21,846.48 up with +0.16% percent or +35.96 point. Hong Kong’s Hang Seng is trading at 25,639.53 with a loss of -0.59% percent or -153.34 point. China’s Shanghai Composite is trading at 2,629.15 with a loss of -0.97% percent or -25.73 point. India’s BSE Sensex is trading at 35,262.26 up with +0.34% percent or +117.77 point at 12:15 PM.