STOXX on track for first weekly loss in two months

STOXX ON TRACK FOR FIRST WEEKLY LOSS IN TWO MONTHS (0745 GMT)

European equity markets are set to gain about 0.5% at the open, futures indicate, but are still on track for their first weekly loss in two months as the market awaits US PPI data later today.

Eurostoxx 50 FESX1! and DAX DAX1! futures are up around 0.45% with FTSE 100 Z1! futures up 0.2%, tracking an uplift in Asian markets earlier in the day.

The STOXX 600 has gained for the past seven weeks but as of yesterday's close was 1.7% lower on the week, on track for its worst week in ten.

Data showed China's producer prices falling and consumer inflation slowing on soft demand, though there are hopes that the country's shift in COVID policy will allow the economy to pick up.

Eyes will be on shares in Primark owner Associated British Foods ABF which on Friday reiterated a November forecast that profit would fall in its 2022-23 financial year.

Meanwhile Manchester United MANU raised its 2023 total revenue guidance on the back of strong matchday revenue and British high-end homebuilder Berkeley Group Holdings BKG retained its annual profit outlook on Friday.

(Lucy Raitano)

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