European stock markets edged lower on Tuesday amid caution ahead of the European Central Bank’s (ECB) policy meeting later in the week.
As of 03:20 ET (07:20 GMT), Germany’s DAX index traded 0.6% lower, France’s CAC 40 fell 0.6%, and the U.K.’s FTSE 100 dropped 0.5%.
ECB Meeting in Focus
European equities had risen for three consecutive sessions as of Monday, but a sense of nervousness has since set in ahead of the ECB meeting on Thursday. An interest rate cut of 25 basis points from record-high levels by the ECB is widely expected, given strong signals from ECB officials. However, the future path of rate adjustments remains uncertain amid rising inflation.
Consumer prices in the 20 countries that use the euro increased by 2.6% year-on-year in May, according to data released on Friday, moving away from the ECB’s 2% target after increases of 2.4% in the previous two months.
Tuesday sees little in the way of major regional economic data, with German unemployment being the only significant eurozone data point expected.
In the U.S., attention will be on a key labor market reading later in the session – the monthly JOLTS report – which is forecast to show job openings falling to three-year lows. This comes ahead of the widely-anticipated payrolls report on Friday and next week’s Federal Reserve policy meeting.
GSK Stabilizes After Cancer Lawsuit Setback
In corporate news, GSK plc (LON: GSK) stock rose 0.1%, stabilizing after dropping over 9% on Monday. This decline followed a U.S. judge’s decision to allow thousands of lawsuits to proceed, alleging that its discontinued heartburn drug Zantac caused cancer, dealing a blow to the British drugmaker.
Crude Oil Prices Fall After OPEC+ Meeting
Crude oil prices fell on Tuesday, extending losses from the previous session to four-month lows after major producers signaled an increase in supply later this year. By 03:20 ET, U.S. crude futures (WTI) traded 1.6% lower at $73.00 per barrel, while the Brent contract dropped 1.3% to $77.36 per barrel. Both contracts had slid over 3% on Monday, hitting their lowest levels since early February.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Sunday to extend most of their oil output cuts into 2025 but allowed for voluntary cuts from eight members to be gradually phased out starting in October.
Market sentiment was further dampened by weak purchasing managers index data from both the U.S. and China, the world’s two largest economies.
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