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EU Stock Edge Lower: Caution As US Debt Talks Lingers


Monday’s opening of European stock markets is anticipated to be cautious as talks about a potential increase in the U.S. debt ceiling lingers.

The DAX futures contract in Germany, the CAC 40 futures contract in France, and the FTSE 100 futures contract in the United Kingdom all traded 0.1% lower at 02:00 ET (06:00 GMT).

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U.S. debt Ceiling is currently $31.4 trillion

Today’s macroeconomic calendar for Europe is relatively light, with speeches by Luis de Guindos and Philip Lane of the European Central Bank.

It also consists of statistics on consumer confidence for the Eurozone’s May quarter as the key highlights.

The activity is probably going to be muted as investors wait for more information from Washington to prevent a U.S. default.

This would have catastrophic effects on the world’s economy, as expected.

The Republican negotiators abruptly left Friday’s debt ceiling talks.

However, President Joe Biden is scheduled to meet with House Republican Speaker Kevin McCarthy on May 22.

Over the weekend, U.S. Treasury Secretary Janet Yellen repeated that June 1 is still a “hard deadline” for lifting the federal debt ceiling.

She also said that difficult decisions would need to be taken if Congress failed to do so.

The debt ceiling is currently $31.4 trillion.

The G7 conference in Japan provided some encouraging news when Vice President Biden predicted that relations between the US and China would improve “very shortly.”

This may result in a resurgence of international investment in China, assisting a significant export market as it battles with a post-COVID economic recovery.

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According to figures released on Monday, foreign investment in Germany remained constant in 2022 despite the challenging economic climate.

In business-related news, Ryanair (IR: RYA) reported a nearly record profit for the fiscal year that ended in March.

The Irish airline, which is the largest in Europe by passenger volume, said it was cautiously confident that profits will increase somewhat in the upcoming 12 months.

Due to concern over the ongoing U.S. debt ceiling negotiations, oil prices declined on Monday, giving up some of the gains made the previous week.

Last week saw a slight increase in both contracts, following four weeks of steep drops.

The dip was due to worries about China’s weakening economy, the world’s largest oil importer, and the potential economic effects of a U.S. default.

Gold futures also decreased by 0.3% to $1,976.05/oz, while EUR/USD moved up by 0.1% to 1.0814.

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