European stock futures mixed; U.S. holiday set to limit activity By Investing.com

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<p dir="ltr">Investing.com – European stock markets are expected to open largely unchanged Tuesday, with investors searching for cues given a light data calendar and a U.S. holiday.</p>
<p dir="ltr">At 02:00 ET (06:00 GMT), the contract in Germany traded 0.1% higher, while in France dropped 0.1% and the contract in the U.K. fell 0.2%.</p>
<p dir="ltr">The major European indices closed lower Monday after the release of disappointing June for the eurozone as a whole as persistent policy tightening by the European Central Bank hit hard.</p>
<p dir="ltr">The downturn was broad-based with surveys showing factory activity in all four of the region’s biggest economies contracted last month.</p>
<p dir="ltr">There’s little data releasing Tuesday, with the exception of German export and import numbers for May. These showed the country’s fell 0.1% on the month in May, while its grew 1.7%, resulting in a falling trade surplus of €14.4 (€1=$1.0898) billion, down from €16.5B the prior month.</p>
<h2 dir="ltr"><strong>China restricts exports of semiconductor metals</strong></h2>
<p dir="ltr">Investors will also digest the latest salvo from China in the war between Beijing and the West over access to key high-tech microchips, with China announcing it will curb the exports of some metals widely used in the semiconductor industry.</p>
<p dir="ltr">The Wall Street Journal reported early Tuesday that the U.S. is also preparing to curb Chinese companies’ access to cloud computing services, including those of Amazon (NASDAQ:) and Microsoft (NASDAQ:).</p>
<h2 dir="ltr"><strong>RBA holds interest rates steady</strong></h2>
<p dir="ltr">Elsewhere, the kept its cash rate at an 11-year high of 4.10% earlier Tuesday, seeking time to assess the impact of the 400 basis points of hikes since May last year.</p>
<p dir="ltr">However, Australia’s central bank also warned that further tightening might be needed to bring inflation back under control.</p>
<p dir="ltr">Aggressive monetary tightening by a series of major central banks, including the , has been a key influence in driving trading sentiment throughout much of this year.</p>
<h2 dir="ltr"><strong>Oil helped by supply cuts</strong> </h2>
<p dir="ltr">Oil prices edged higher Tuesday, with traders weighing more supply cuts from Saudi Arabia and Russia against signs of weakening economic activity across the globe.</p>
<p dir="ltr">Saudi Arabia announced on Monday it will extend its recently announced 1 million barrels per day cuts to August and potentially beyond, while Russia also said it will trim its oil exports by 500,000 bpd.</p>
<p dir="ltr">However, any gains are likely to be limited with U.S. markets on holiday and following weak manufacturing activity readings from the U.S., Germany and China on Monday.</p>
<p dir="ltr">By 02:00 ET, futures traded 0.4% higher at $70.05 a barrel, while the contract climbed 0.4% to $74.93.</p>
<p dir="ltr">Additionally, rose 0.1% to $1,931.05/oz, while traded 0.1% lower at 1.0898.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/european-stock-futures-mixed-us-holiday-set-to-limit-activity-3119058">Source link </a></p><p>The post <a href="https://forextraderhub.com/european-stock-futures-mixed-u-s-holiday-set-to-limit-activity-by-investing-com.html">European stock futures mixed; U.S. holiday set to limit activity By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>