Stocks, data, trading in China Evergrande discontinued

European stocks are expected to open broadly in positive territory on Monday as markets move into the first full week of trading in October.

According to IG data, the British FTSE index opened 21 points higher at 7,040, the German DAX 11 points higher at 15,137, and the French CAC 40 9 points higher at 6,506.

European markets should start the month after a difficult September, with concerns about inflation, the Federal Reserve’s tightening and rising interest rates dominating sentiment. The US 10-year Treasury yield hit 1.56% last week, its highest level since June.

Asian markets were mixed on Monday, with the Hang Seng index in Hong Kong plummeting more than 2% as trading in shares of China Evergrande ceased as investor concerns for the indebted property developer returned.

Trading in the shares of Evergrande Property Services has also ceased. Reasons for the trading stops were not given. At the same time, the shares of another Chinese property developer Hopson were also suspended.

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There are no major earnings or data releases on Monday. Interesting events, however, include a meeting of Eurozone finance ministers on Monday to discuss, among other things, the EU’s recovery plans, banking union and fiscal policy.

The oil markets will also watch a meeting of OPEC and non-OPEC ministers.

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– CNBC’s Eustance Huang and Maggie Fitzgerald contributed to this market report.


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