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LIVE MARKETS-European futures rise despite Biden recession warning

Kitco Media
By Reuters
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Reuters
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EUROPEAN FUTURES RISE DESPITE BIDEN RECESSION WARNING (0647 GMT)


European futures are ticking up, as traders await the Bank of England's policy rate decision due later today while also digesting U.S. President Joe Biden's latest warning of recession if the country's $31.4 trillion debt ceiling is not raised soon. Futures on the STOXX 50 are 0.2% higher. Asian stocks eased on growing deflationary pressures in China and a mixed bag of Japanese earning. The standoff over the U.S. debt ceiling has overshadowed a meeting of Group of Seven (G7) finance leaders starting on Thursday. Meanwhile, markets are still digesting data on Wednesday that showed the slowest rise in annual U.S. consumer inflation in two years.


On the earnings side, Dutch bank ING Groep reported better than expected first-quarter profit on Thursday, helped by rising interest rates and modest risk costs. German conglomerate Thyssenkrupp raised guidance for free cash flow on Thursday.


Traders expect BoE to raise borrowing costs for the 12th meeting in a row on Thursday.


(Lucy Raitano)
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