data, oil price monitored after OPEC + talks abandon


European equities are expected to see a moderate opening on Tuesday, with investors monitoring oil markets closely after talks among members of the OPEC + oil alliance were abandoned.

The London FTSE would open 2 points down to 7,161, the German DAX up 14 points to 15,679, the French CAC 40 up 10 points to 6,576 and the Italian FTSE MIB up 66 points to 25,397 , according to IG.

The timid start to European markets reflects a similar sentiment elsewhere overnight. In Asia-Pacific, markets struggled to orient in Tuesday morning’s trading as investors anticipate the Australian central bank’s decision on interest rates.

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Meanwhile, US equity futures were flat in trading overnight as Wall Street prepared to kick off the shortened holiday week with the S&P 500 at an all time high.

Oil prices remain at the center of concerns, hitting multi-year highs on Monday, after talks between OPEC and its oil-producing allies, a group known as OPEC +, were postponed indefinitely following the failure of the group to agree on the production policy.

Data released in Europe on Tuesday includes eurozone retail sales in May, German industrial orders in May and the ZEW Economic Sentiment Survey in Germany.

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