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Oil price fluctuations, European stock market direction uncertain
Due to ongoing volatility in global markets and fluctuating oil prices, European stock markets are expected to open flat on Tuesday.
According to IG data, the FTSE 100 in the UK is expected to open up 0.1%, while the DAX in Germany, the CAC 40 in France, and the FTSE MIB in Italy are expected to open unchanged.
In early Tuesday trading, European markets recovered some ground as investors continue to assess the impact of ongoing Middle East unrest and high global oil prices.
On Monday, oil prices fell, with U.S. West Texas Intermediate (WTI) crude trading just below $95 per barrel, down from over $100 at the weekend. Reports earlier indicated that the U.S. is about to announce the formation of a multinational coalition to escort ships passing through the Strait of Hormuz.
U.S. Treasury Secretary Steven Mnuchin also stated on Monday that the U.S. allows Iranian oil tankers to pass through the Strait of Hormuz. However, due to ongoing uncertainties surrounding the U.S.-led escort coalition, oil prices rose more than 2% in overnight trading.
Traders are now focusing on central bank actions this week, with the Federal Reserve holding a two-day policy meeting starting Tuesday.
The Fed has faced persistent pressure from Trump to cut interest rates, but the Iran situation suggests that traders widely expect the Fed to keep rates unchanged when it announces its monetary policy decision on Wednesday.
Asian stock markets mostly rose overnight, while U.S. stock futures declined slightly.
On Tuesday, earnings reports from Prudential and Poste Italiane will be released, along with the latest economic sentiment index from the European Union.