EMEA Morning Briefing: Stock Futures Rise as Lower Oil Boosts Mood

MARKET WRAPS

Watch For:

France unemployment; trading updates from Henkel, Infineon Technologies, Vodafone, Vodacom Group, Telecom Italia, Porsche SE

Opening Call:

European stock futures rose early Tuesday. Asian stock benchmarks advanced; the dollar and Treasury yields were little changed; oil futures fell; while gold edged higher.

Equities:

Stock futures point to a higher open in European markets on Tuesday, after U.S. indexes rose overnight as investors shook off a brutal market selloff last week.

"The kind of universal belief that the 'Democrats have won, so therefore the AI trade is over' on Thursday looks hyperbolic at best right now," said Mark Hackett, chief market strategist at Nationwide.

Analysts say investors are taking a more levelheaded approach to markets after individual investors and hedge funds alike were gripped by concerns that Democrats' victories in the U.S. midterms election would slam the brakes on the AI build-out.

Reality is just setting in-that the underlying economy is robust," said Kieran Osborne, chief investment officer at Mission Wealth.

Forex:

The dollar was steady as the political backlash against AI infrastructure weighed on the currency.

"We think the US dollar would fall further against most major currencies if AI-related equities' recent troubles continued," said Capital Economics' Thomas Mathews.

Bonds:

Market attention is on Tuesday's release of U.S. consumer-price index data. Inflation is expected to have moderated in October, but likely not by enough to dissuade the Federal Reserve from raising interest rates at its December policy meeting.

The latest data are expected to show that tariff pressure is fading, but goods prices could remain something of a wild card in the October CPI. "Tariffs have largely faded as a source of sequential inflation pressure," said Bank of America economists.

Energy:

Oil fell as President Trump signaled his intent to unwind the Iran war with latest diplomatic efforts. Trump held a closed-door meeting at the White House on Monday with Qatari Prime Minister Mohammed bin Abdulrahman al-Thani to discuss Qatar's mediation efforts.

Risk sentiment rebounded as tentative signs of diplomatic progress between the U.S. and Iran helped restore a more positive tone, said Westpac analyst Ryan Wells.

Metals:

Gold fell slightly in Asia. The precious metal has gained some momentum as lower oil prices and a rebound in equity markets boosted risk appetite, ANZ said.

Markets are awaiting U.S. October inflation data due Tuesday. A softer-than-expected reading could ease pressure on the Federal Reserve and support the non-interest-yielding asset, while a hotter report could boost the odds for the Fed to raise rates. Copper prices rose in Asian trading. Improved market sentiment after a rebound in tech stocks, continued inventory drawdowns in China and elevated spot premiums are supporting prices, said Guangzhou Futures. Deeply negative copper concentrate treatment and refining charges and smelter production cuts are providing a floor.

However, inventory accumulation overseas and subdued demand are limiting upside, Guangzhou Futures added. Iron ore prices in Asia are likely to remain under pressure and trade rangebound in the near term, said Tongguan Jinyuan Futures.

Elevated global shipment levels have kept supply strong. This trend is unlikely to change in the near term as major iron ore miners are expected to expand output, limiting the potential for a sustained price rebound, it added.

TODAY'S TOP HEADLINES

China's Trade Surplus Surged Past $1 Trillion in October

BEIJING-China's trade surplus surged to more than $1 trillion in the first 10 months of the year as the country's factories cranked out electric vehicles, semiconductors and industrial robots for customers around the world.

The export wave puts China on track to exceed its record $1.19 trillion trade surplus last year and is likely to further stoke tensions with Beijing's trading partners.

Barkin Says Appropriate Direction of Monetary Policy Relatively Straightforward

Richmond Fed President Tom Barkin said with demand healthy and inflation stubbornly elevated, the appropriate direction of monetary policy is relatively straightforward.

The Fed held interest rates steady in October after raising interest rates by a quarter point in September. Market participants expect the central bank to raise rates again before the end of this year to combat elevated inflation.

Trump's Plan to Lower Drug Prices in U.S. Is Leading to Fewer New Drugs in Europe

The Trump administration last year came up with a plan to combat high drug prices-making European governments pay more.

The result so far: still-high drug prices in the U.S. and fewer new drugs in Europe.

Stellantis Clinches Deal to Sell Canadian Factory to Defense Firm

OTTAWA-Stellantis finalized a deal Monday to sell a Toronto-area factory to armored-car maker Roshel as the auto maker focuses on revamping its industrial output.

The transaction, should it close as anticipated by the end of the year, would bring an end to car manufacturing at the Brampton, Ontario factory, which has emerged as a flashpoint in the U.S.-Canada trade tensions. It is also likely to trigger the threat of labor strife among the company's unionized Canadian employees. Unifor, the union representing Canadian auto makers, said the auto maker's Brampton plans prompted an impasse in talks on a new deal, and called on Prime Minister Mark Carney to block a sale.

How Jensen Huang's Affair Spiraled Into a National Security Nightmare

In June 2024, Nvidia Chief Executive Jensen Huang was in Taipei for an annual computer-industry trade show.

Late one night, a group of technology executives gathered at a bar. Among them was Alice Huang, then a top leader at a Singapore-based data center company.

Anthropic Prepares to Push Ahead With IPO Despite Market Jitters

Anthropic plans to forge ahead with its initial public offering later this month despite recent market volatility tied to artificial-intelligence investments.

The Claude maker has meetings lined up with investors this week and is aiming for its shares to start trading Thursday or Friday next week, according to people familiar with the matter.

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Expected Major Events for Tuesday 00:01/UK: Oct BRC-KPMG Retail Sales Monitor

05:30/NED: Sep Manufacturing output

05:30/NOR: 4Q Consumer Confidence

05:30/NED: Oct CPI

06:00/FIN: Sep Industrial Production

06:30/FRA: 3Q ILO Unemployment and Labour Market-related indicators

07:00/SWE: Sep New orders & deliveries in industry

07:00/SWE: Sep Industrial Production Index

07:00/NOR: Oct CPI

07:00/DEN: Oct CPI

07:00/TUR: Sep Industrial Production Index

07:30/HUN: Oct CPI

08:00/SVK: Sep Industrial production

08:00/AUT: Sep Production Index

08:00/CZE: Oct CPI

08:00/CZE: Sep Import & export price indices

09:00/BUL: Sep Industrial Production

10:00/GRE: Sep Industrial Production Index

10:00/GRE: Oct CPI

10:00/LUX: Sep Industrial Production

11:00/FRA: Sep OECD Harmonised Unemployment Rates

15:59/UKR: Oct CPI

All times in GMT. Powered by Onclusive and Dow Jones.

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(END) Dow Jones Newswires

November 10, 2026 00:17 ET (05:17 GMT)

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