LIVE MARKETS-Europe before the bell: futures down as traders eye strong US economy
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EUROPE BEFORE THE BELL: FUTURES DOWN AS TRADERS EYE STRONG US ECONOMY
European futures are heading for a drop at the open, as traders scale back bets on further Fed interest rate cuts, following Friday's strong U.S. jobs report, sending the dollar and yields higher.
EuroSTOXX50 STXEc1 futures are off 0.6%, while FTSE futures FFIc1 are down 0.2% and DAX futures FDXc1 are 0.3% lower.
The report has raised the spectre of benchmark 10-year yields hitting 5% — a level that some fear could rattle broader markets.
Elsewhere, a survey on Monday showed large British businesses plan to cut hiring this year at the fastest pace since the COVID-19 pandemic and scale back investment due to big tax rises announced in the government's October budget.
In company news, British outsourcer Serco SRP.L will unveil a succession plan that will see CEO Mark Irwin retiring after two years in the job, Sky News reporter Mark Kleinman said in an X post on Sunday.
Italy's Prada 1913.F, 1913.HK is among the potential suitors looking at fashion group Versace, which has been put up for sale by its parent Capri Holdings CPRI.N, and has been working with Citi to evaluate any bid, a person with knowledge of the matter said on Friday.
(Lucy Raitano)
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