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Premarket: Global shares stable as political turmoil saps market mood

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Investors look for direction from a string of central bank meetings in Europe this week as well as fresh U.S. economic data

Shares steadied on Monday while the euro remained on the defensive amid political turmoil in Europe, as investors look for direction from a string of central bank meetings in the region this week as well as fresh U.S. economic data.

The euro has become emblematic of this angst, down 0.04 per cent to US$1.07025, after falling to its lowest since May 1 at US$1.06678 on Friday. Markets have boosted the probability of a cut to 75 per cent as political uncertainty in France drove the euro to a four-month trough at 0.9505 francs on Friday.

U.S. shares looked set to follow the muted mood, with S&P 500 futures steady, while Nasdaq futures added 0.1 per cent following a run of record finishes.for the S&P 500 to 5,600, from 5,200 and the current 5,431. At least 10 policymakers from the Federal Reserve are due to speak this week and will no doubt address the market’s wagers for two rate cuts this year.

Japan’s Nikkei slipped 1.9 per cent on Monday, with investors now facing a six-week wait to hear details of the Bank of Japan’s next tightening steps.

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