European stock futures mixed; Eurozone GDP, U.S. CPI in spotlight

 European stock markets are expected to open in a subdued fashion Tuesday, as investors awaited the release of key European growth and U.S. inflation data.

At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France largely flat, while the FTSE 100 futures contract in the U.K. fell 0.2%.

U.S. CPI release looms large

Investors are on data watch Tuesday, likely limiting the trading ranges during the session.

Policymakers at the Federal Reserve have kept the option of further rate hikes on the table after the central bank held interest rates unchanged at its last meeting, with Fed Chair Jerome Powell saying last week they were still not sure rates are high enough to tame inflation.

This puts the focus squarely on the release of the latest U.S. consumer price index, with investors looking for data that would support the case for the Federal Reserve to be finished with interest rate increases.

Analysts expect the yearly gain for the top line number to rise 3.3% from the prior year, while it is expected to rise 0.1% for the month. Core CPI is expected to rise 4.1% for the year and 0.3% for the month.

Eurozone GDP data also on slate

Back in Europe, the European Central Bank also snapped a streak of ten straight rate hikes last month, but a number of policymakers have since indicated that further rate hikes should not be taken off the table even as consumer prices have fallen.

There is growth data, in the form of the eurozone third-quarter gross domestic product release, to digest later in the session, which are expected to show that the bloc’s economy is struggling under the weight of those interest rate increases.

Other data releases include U.K. unemployment figures for September as well as Germany’s ZEW survey of economic sentiment in November.

Vodafone (NASDAQ:VOD) earnings in spotlight

In the corporate sector, earnings are due from U.K. telecommunications giant Vodafone (LON:VOD), while investors will keep an eye on Europe’s most valuable company, Novo Nordisk (NYSE:NVO), after data on Monday offers positive evidence for the heart-protective benefits of its popular obesity drug Wegovy.

Crude boosted by positive OPEC report

Oil prices edged higher Tuesday, helped by the latest monthly OPEC report stating that demand remains strong, although concerns over slowing demand remain.

By 02:00 ET, the U.S. crude futures traded 0.2% higher at $78.44 a barrel, while the Brent contract climbed 0.3% to $82.75 a barrel.

The Organization of the Petroleum Exporting Countries slightly raised its 2023 forecast for growth in global oil demand, in its monthly report, released Monday, and stuck to its bullish 2024 prediction.

The cartel blamed speculators for the recent drop in prices, after the benchmarks fell to their lowest level since July last week, hurt by concerns that demand could slip in top oil consumers U.S. and China.

Additionally, gold futures fell 0.1% to $1,948.65/oz, while EUR/USD traded just higher at 1.0699.