European stock futures lower; Chinese COVID protests weigh on sentiment

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By Peter Nurse 

AiVIF.com - European stock markets are expected to open lower Monday after a series of protests in China over the weekend against strict mobility restrictions to combat the country’s ongoing COVID outbreak, threatening to weigh on economic activity.

At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.5% lower, CAC 40 futures in France dropped 0.5% and the FTSE 100 futures contract in the U.K. fell 0.5%.

Rare, widespread protests occurred across China over the weekend as the populace rebelled against strict coronavirus curbs put in place as COVID-19 infections hit a fifth daily record.

The wave of civil disobedience stems from frustration over the country’s zero-COVID policy nearly three years into the pandemic, especially as restrictions had become less onerous earlier this month, raising hopes of a full reopening.

The Chinese economy is the second largest in the world and a major export market for European companies. These protests are likely to hit economic activity, already crimped by the strict mobility curbs.

Also of interest Monday will be a speech by ECB President Christine Lagarde at the European Parliament, as investors look to Wednesday's release of Eurozone inflation data to see if the surge in inflation has peaked.

Inflation in the Eurozone soared to 10.6% in October, more than five times the European Central Bank's 2% target. The ECB has increased rates by a record 75 basis points at its last two meetings, but uncertainty exists whether the central bank will hike by 50 or 75 basis points at the Dec. 15 meeting.

Crude oil prices slumped Monday, as the rising COVID-19 cases in China, the world’s top crude importer, and the protests over the country’s strict mobility restrictions are likely to hit demand from the crucial source.

On the supply side, Group of Seven and European Union officials have been unable to agree on a level of a price cap on Russian oil, following initial discussions of between $65 and $70 a barrel.

The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.

That’s the day after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are scheduled to next meet to discuss future output levels.

By 02:00 ET, U.S. crude futures traded 3.1% lower at $73.94 a barrel, while the Brent contract fell 3% to $81.17. The U.S. contract fell to its lowest since late December, 2021, while the Brent contract dropped to its lowest since Jan. 11.

Additionally, gold futures fell 0.1% to $1,752.95/oz, while EUR/USD traded 0.1% lower at 1.0380.