European stocks are expected to open lower on Monday, as investors will respond to a surge in coronavirus cases in the States and growing concerns about rising infections in Germany.
According to IG, the London FTSE opened lower by 34 points to 6,253, the German DAX is 124% lower at 12,223, the French CAC 40 will open 49 points lower at 4936, and the Italian FTSE MIB – 104 points lower at 19,331 .
International investors are closely monitoring the development of coronavirus after the news that cases in the US are growing rapidly. On Friday and Saturday, the United States reported more than 30,000 new cases of coronavirus, the highest daily total since May 1, according to data collected Johns Hopkins University, with new cases growing in states in the south, west and midwest.
On Saturday, seven states recorded record cases, including in Florida and South Carolina, where for the third day in a row they hit records in one day. However, US stock futures rose early Monday morning after strong weekly Wall Street figures amid continued fears of a coronavirus outbreak.
Futures on the Dow Jones Industrial Average were 102 points higher. Futures S & P 500 and Nasdaq-100 also traded in positive territory. Shares in Asia also rose during Monday afternoon trading; On Monday, China left the base interest rate unchanged, while the annual loan rate remained at 3.85%.
Meanwhile, in Europe, Germany reported that the level of reproduction of coronavirus (an indicator of how many people on average can be expected to become infected with coronavirus) on Sunday rose to 2.88 compared with 1.79 a day earlier. The Robert Koch Institute of Public Health told Reuters. Experts sought to keep reproduction levels below unity to hold back the outbreak.
There are no significant gains in Europe on Monday, but the data released preliminary data on consumer confidence in the eurozone in June.
– Fred Imbert CNBC and Emma Newburger contributed to this report.