Europe set to follow Asia’s negative trend – CNBC

7 months ago Comments Off on Europe set to follow Asia’s negative trend – CNBC

European markets opened lower, following a mostly negative lead from Asia, as the oil price reversed its positive moves to trade in the red.

The pan-European STOXX 600 was down 0.3 percent.

Asia markets were mostly lower on Monday morning although Chinese markets bucked the trend, posting gains, with the Shanghai composite adding 1.67 percent and the Shenzhen composite up 1.87 percent.

Before the market open, China released its March inflation data. The consumer price index (CPI) rose 2.3 percent on-year in March, compared with a 2.5 percent forecast by a Reuters poll and in line with February’s 2.3 percent on-year reading. Analysts said the inflation reading wasn’t likely to affect expectations for further monetary easing from the mainland’s policy makers.

In other news, the World Bank warned in a report on Monday that economic growth in the East Asia and Pacific region could ease due to weaker growth in China.

Elsewhere, oil prices reversed gains during London hours, with U.S. crude futures and global benchmark Brent trading lower.

– Saheli Roy Choudhury contributed to this report.

Europe set to follow Asia’s negative trend – CNBC}