EUROPE FUTURES BRUSH OFF TURKEY VOTE, DEBT CEILING (0634 GMT) European futures are signalling modest rises at the open, as a run-off election unfolds in Turkey while U.S. President Joe Biden said he remains optimistic about agreeing a deal to raise the U.S.'s debt ceiling. Eurostoxx futures are up 0.4%, as are FTSE futures , while Germany's DAX futures are rising 0.3%. U.S CME e-mini S&P 500 futures are 0.2% higher. U.S. President Joe Biden said on Sunday he expects to meet with congressional leaders on Tuesday for talks on a plan to raise the nation's debt limit and avoid a catastrophic default. Meanwhile, Turkey headed for a runoff vote in Sunday's election potentially spelling weeks of uncertainty that could rattle markets, with analysts expecting gyrations in the local currency and stock market. Data on Monday showed Germany's wholesale price index fell slightly in April compared to the same month last year, the first year-on-year drop since December 2020.
ECB policymaker Peter Kazimir said on Sunday the European Central Bank may need to raise
interest rates for longer than previously thought to help tame inflationary pressures.
Looking ahead to the week, traders will be listening carefully as several Federal Reserve
officials are due to speak, with comments from Chair Jerome Powell due on Friday.
(Lucy Raitano)
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