Title: European Stock Futures Edge Lower; Ukraine, Powell's Speech in Focus
Mar 22, 2022 03:01AM ET
European stock markets are expected to open marginally lower on Tuesday as investors monitor the Ukraine war and monetary policy developments in the US.
At 3 a.m. ET, the DAX futures in Germany were 0.1% lower, the CAC 40 futures in France were 0.4% lower, and the FTSE 100 futures in the United Kingdom were 0.1% lower.
Russian troops have continued their bombardment of several cities in Ukraine, with the southern port city of Mariupol becoming a flashpoint, while the second city of Kharkiv is also reported to have come under increased attack.
Diplomatic efforts have so far failed to bear fruit, while US President Joe Biden issued a stark warning that Russia was considering using chemical weapons, adding that President Vladimir Putin's "back is against the wall".
Biden is expected to attend a summit with members of NATO and the European Union in Brussels on Thursday to discuss their response to Russian aggression.
Elsewhere, investors will also be digesting Monday's aggressive comments by Federal Reserve Chairman Jerome Powell, which followed last week's 25 basis point rate hike and represent the likely start of a sustained tightening cycle.
European Central Bank President Christine Lagarde said on Monday that the world's two main central banks will be out of sync for the foreseeable future as the war in Ukraine will have very different effects on their economies.
A few major economic data points are due on Tuesday, while Finnish company Nokian Renkaat announced that it will continue production in Russia to keep control of its local factory.