By Peter Nurse
Investing.com – European stock markets are seen opening mixed Tuesday, consolidating after recent gains, with earnings from oil giant Total (NYSE:TOT) in the spotlight.
Global stock markets have climbed strongly in the last few months, helped by optimism of future economic growth as governments and central banks continue massive spending and easy money policies while vaccination programs point to the end of the coronavirus pandemic.
The major European indices have generally seen less impressive gains, although the German DAX did reach an all-time high on Monday, with the continent hit hard by the second surge of the virus and European Union’s vaccination drive falling far behind its U.S. and U.K. equivalents.
That said, the French economy, the region’s second largest, is still on course to rebound 5% this year despite the uncertainty created by the coronavirus pandemic, the head of the country’s central bank said on Tuesday, reiterating its December forecast.
On the corporate front, investors will dissect earnings from French oil giant Total (PA:TOTF) after numbers from rivals BP (NYSE:BP) and Royal Dutch Shell (LON:RDSa) illustrated the difficult conditions the sector has suffered over the last year.
Oil prices continued to push higher Tuesday, reaching their highest levels in 13 months on growing optimism of the recovery of fuel demand coupled with supply curbs by the top crude producers, primarily Saudi Arabia.
U.S. crude futures traded 0.8% higher at $58.44 a barrel, while the international benchmark Brent contract rose 0.6% to $61.09. Both contracts are at their highest since January 2020, and have posted gains for the seventh consecutive session on Tuesday, the longest win streak since January 2019.Leave a comment