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European markets head for lower open, in retreat mode after Mondays rally – CNBC

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https://www.cnbc.com/2021/03/02/european-markets-stocks-data-earnings-futures-rally-in-focus.html

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LONDON — European stocks were mixed on Tuesday, searching for direction as U.S. bond yields continued to retreat.

The pan-European Stoxx 600 hovered around the flatline in early trade, with oil and gas stocks shedding 1.3% while telecoms gained 0.4%.

The indifferent market open in Europe comes after a sharp rise for European stocks Monday; the Stoxx 600 ended the session up by 1.8%, with travel and leisure shares climbing 3.2% to lead gains as all sectors and major bourses closed in positive territory.

Overnight, however, futures contracts tied to the major U.S. stock indexes traded lower in extended trading after the S&P 500 rallied more than 2% during regular trading hours for its best day since June. Stocks in Asia-Pacific also traded mixed on Tuesday.

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Data releases include German unemployment data and flash euro zone inflation data for February.

Earnings remain a driver of individual share price movement, with HelloFresh, Man Group, Travis Perkins, Taylor Wimpey and Hotel Chocolat among those reporting Tuesday.

German manufacturer Kion Group gained 4.5% to lead the Stoxx 600 in early trade, while Hellofresh and French corporate services platform Edenred both slid more than 4% to the bottom of the index, after their respective full-year earnings reports.

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– CNBC’s Thomas Franck contributed to this market report.

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