European futures ease, Tesco ups profit forecast
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EUROPEAN FUTURES EASE, TESCO UPS PROFIT FORECAST
European equity markets were set for a soft start on Thursday, following a pullback in Hong Kong shares, and as the prospect of a widening conflict in the Middle East kept investors on edge and drove crude prices higher.
While mainland Chinese markets were shut for Golden Week, traders in Hong Kong pushed the Hang Seng .HSI down 4.5% at one point, following an over-31% surge over the past 13 sessions. European and U.S. futures were generally weaker.
Contracts on the EuroSTOXX50 index fell 0.3%, while FTSE futures steadied just above parity after BoE governor Andrew Bailey said the bank could become "a bit more activist" on rate cuts if there is further good news on inflation, which dented the pound GBP=D3.
Meanwhile, U.S. President Joe Biden said he would not support any Israeli strike on Iran's nuclear sites in response to its ballistic missile attack and urged Israel to act "proportionally" against its regional arch-foe.
In the UK, top supermarket group Tesco TSCO.L raised its annual profit forecast as it won market share, giving it momentum before a key festive trading period.
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