LIVE MARKETS-Europe before the bell: Futures slide further
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EUROPE BEFORE THE BELL: FUTURES SLIDE FURTHER
The global equity market selloff looks set to continue in Europe on Tuesday as investors weigh the impact of the new Middle East conflict on the economy.
A surge in oil and gas prices on worries about disrupted supply is putting inflation fears back on the radar, just as major central banks appeared to have prices mostly under control following the post-COVID spike.
Brent crude LCOc1 is up another 3% to back above $80 per barrel. Benchmark European wholesale gas prices TRNLTTFMc1 rose by about a third on Monday and were up nearly 20% in early trading on Tuesday.
That's putting stocks under pressure. Euro STOXX 50 futures STXEc1 are down 1.3% on Tuesday after the index .STOXX50E fell 2.5% on Monday. Futures on the DAX FDXc1, CAC FCEc1 and FTSE FFIc1 are down between 0.7% and 1.4%.
Overnight, shares in Asia-Pac .MIAPJ0000PUS slid 2.9%, while S&P futures EScv1 are down about 1%.
The conflict has also given a boost to the dollar =USD, which surged on Monday and is rising again on Tuesday.
(Samuel Indyk)
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