European markets head for negative open, shrugging off China-U.S. trade talks progress
Skyline view of the City of London financial district from the viewpoint in Greenwich Park in London, United Kingdom.
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Good morning from London, welcome to CNBC's live blog covering European financial market action as well as the latest regional and global business news, data and earnings.
Futures data from IG suggests London's FTSE will open 14 points lower at 8,852, Germany's DAX down 105 points at 23,925, France's CAC 40 down 9 points at 7,788 and Italy's FTSE MIB 95 points lower at 40,082.
Global markets are having a mixed reaction to news that U.S. and Chinese officials reached a tentative consensus on trade after a second day of talks in London. The negotiators will now seek approval on the framework from the U.S. and Chinese presidents.
Asia-Pacific markets climbed overnight on the apparent breakthrough, but U.S. stock futures inched lower, with investors also looking ahead to May inflation data.
— Holly Ellyatt
An Aldi supermarket in Alhambra, California, in 2024.
Eric Thayer | Bloomberg | Getty Images
Global markets will be keeping a close eye on the latest U.S. inflation report for May.
Economists polled by Dow Jones expect a 0.2% month-over-month increase, while the headline consumer price index is anticipated to have grown 2.4% on an annual basis. Hotter-than-expected data could spook investors who are already on edge over inflationary pressures and the trajectory of Federal Reserve rate cuts.
Traders will be keeping an eye on the Nvidia keynote address at the VivaTech conference in Paris on Wednesday, as well as Goldman Sachs' annual European Financials Conference.
Meanwhile, U.K. investors will be looking out for the government's "Spending Review," in which it sets out day-to-day spending and investment plans for all government departments.
Earnings are set to come from retail giant Inditex .
— Holly Ellyatt
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