LONDON — Futures data pointed to a positive open for European equities on Tuesday, as investors await key data on the economic impact of the U.S.-Iran war.
At 6:30 a.m. in London (1:30 a.m. ET), regional Stoxx 50 futures were 0.6% higher. Futures tied to the FTSE 100 were up by 0.3%, while those tied to the French CAC 40 and Germany’s DAX gained 0.1% and 0.5%, respectively.
The pan-European Stoxx 600 fell to a one-week low on Monday as hopes for an end to the war in Iran were dampened.
On Tuesday, investors are awaiting flash inflation data for the euro zone, due out at 10 a.m. U.K. time. The print will shed light on the impact the conflict in the Middle East — and the consequential surge in oil and gas prices — had on prices in May.
Inflation in the euro zone jumped to 3% in April, up from 2.6% in March and well above the European Central Bank’s 2% target. Europe is particularly vulnerable to energy shocks as a major net energy importer.
Markets are currently pricing in a 94% chance of the ECB hiking its key interest rate by 25 basis points at its meeting later this month, according to LSEG data.
On Monday, U.S. President Donald Trump told CNBC he did not care if peace talks with Iran had collapsed.
“I really don’t care. I couldn’t care less,” he said, adding that the long drawn-out negotiations had “started to get very boring.”
European investors are also monitoring developments in the Russia-Ukraine war, after Moscow launched a major air assault on cities across Ukraine early on Tuesday.
Last week, NATO and EU officials condemned Russia after one of its drones accidentally struck an apartment building in Romania near the country’s border with Ukraine.
The EU is currently preparing its 21st package of sanctions against Moscow.
Other data out of Europe on Tuesday includes balance of trade figures from Switzerland, Spanish unemployment and British mortgage lending figures.
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