European stocks are set to open lower on Monday morning as investors monitored corporate earnings, while oil prices hovered near 2-year highs amid supply fears.
Looking to the major bourses, the U.K.’s FTSE 100 is expected to open 27 points lower at 7,480, while the German DAX is set to start on a negative note, down 17 points at 13,206, and the French CAC is poised to open down 10 points at 5,487, according to IG.
Technology stocks were supported by solid earnings from U.S. tech giants in the previous session. Ahead of its earnings report later in the trading week, Apple said pre-orders for the 10th anniversary iPhone X were “off the charts” on Friday. Meantime, Alphabet, Amazon and Microsoft shares all surged last week on the back of robust quarterly performances.
Back in Europe, Spain moved to sack Catalonia’s regional government leader on Friday, shortly after Catalonia had declared independence from Spain. Madrid also dissolved the Catalan parliament and called for fresh regional elections. Spain’s IBEX was poised to open more than 46 points higher at 10,233 on Monday morning.
Oil markets were steady on Monday, with Brent remaining above $60 a barrel on expectations an OPEC-led production cut due to expire in March would be extended.
European markets set to open lower amid earnings; oil near 2-year peak