European Stocks Rise but Not of Interest to Fund Investors
The FTSE in London, the DAX in Frankfurt, and the CAC 40 in Paris all saw moderate rises last week. Despite this, fund investors are not showing interest in European stocks. According to Bank of America’s review of the week that ended on October 15th, there was a net outflow of approximately one billion dollars from funds investing in Europe.
In company news, ASML opened lower by 0.9% in Amsterdam due to a criminal investigation against Applied Materials, one of the largest manufacturers of semiconductor production machines in the US. The investigation involves circumventing the US administration’s ban on the export of chips.
Today is relatively quiet on macro releases as the final inflation figures for the euro area for October will be available at midday, but economists do not expect any changes to preliminary figures. Later in the afternoon, statistics on housing starts and building permits will be available from the United States. Futures predict a mixed opening for Wall Street with S&P 500 futures for December up 0.1% and Nasdaq futures down 0.1%.