European stocks flat ahead of key earnings results

US PCE inflation measure is this week’s catalyst

By Nadia Elbilassy | @Nadia Elbilassy | 24 April 2023

Midday Market update
  • Light Monday amid earnings season which is so far so good

  • Oil prices near 5-week lows on demand concerns from China

  • Gold prices pinned below $2000

European Markets

Germany’s DAX was in in the green near levels of $15,897. And the FTSE 100 followed through on its side-way movement near below $8000.

Markets will focus on next week’s slew of key central bank decisions that will dominate sentiment.


Gold prices stabilize near the $1981 level. Upcoming interest rate hikes by the Fed in May have been concerning the commodity market as the yellow metal saw a U-turn to below $2000 as strong economic data and hawkish comments from Fed officials persist.

Oil prices declined and were trading near a five-week low due to the implications of increasing interest rates on the economic growth, especially in the United States, which is the largest purchaser of crude oil globally. Brent Crude was trading near $81 while WTI was near $77.

If oil prices continue down trending, they could potentially revert to the levels seen before OPEC+ intervention cut.

US Futures

US futures rose slightly on a light economic calendar day and amid earnings season. Coca-Cola beat estimates on steady demand, while other financials also beat expectations on rising interest rates.

Credit Suisse ADR beat revenue estimates to 18.74B vs 16.41B in forecast.

Other big banks to report their earnings this week is UBS, Deutsche bank and Barclays.

US PCE index is expected to remain the same as inflation worries are still heightened from increasing core CPI figures from last month.