European markets head for negative open amid U.S. election uncertainty

  • London's FTSE is seen opening 33 points lower at 5,557, Germany's DAX 8 points lower at 11,563, France's CAC 40 down 2 points at 4,596 and Italy's FTSE MIB 10 points lower at 17,840, according to IG.

LONDON — European stocks are expected to open in negative territory on Monday as investors brace themselves for the U.S. presidential election on Tuesday, and digest the latest coronavirus news.

London's FTSE is seen opening 33 points lower at 5,557, Germany's DAX 8 points lower at 11,563, France's CAC 40 down 2 points at 4,596 and Italy's FTSE MIB 10 points lower at 17,840, according to IG.

Market focus is widely centered on the U.S. election uncertainty and the latest coronavirus developments. U.S. stock futures were flat in overnight trading Sunday amid rising concerns over the coronavirus pandemic's effect on the global economy.

The British government announced on Saturday a national lockdown for England, making it the latest country to return to a nationwide shutdown, which begins on Thursday, to try to stem the rapid rise in cases and hospitalizations due to the virus.

There are widespread concerns over the outcome of the U.S. presidential election Tuesday as a contested dispute over the result could delay much-needed fiscal stimulus for the U.S. economy.

A final NBC News/Wall Street Journal poll has found that former Vice President and Democrat nominee Joe Biden held a substantial national lead over President Donald Trump in the closing days before the vote.

A majority of voters say they're unhappy with how the president has dealt with the coronavirus pandemic and where the country is going.

In overnight trading in Asia-Pacific, stocks mostly rose as a private survey showed China's manufacturing activity grew for the sixth straight month in October. The Caixin/Markit Purchasing Managers' Index (PMI) for Chinese manufacturing came in at 53.6 for October, higher than the 53.0 reading forecast by analysts in a Reuters poll.

European earnings come from Erste Group and Ryanair Monday, and on the data front, final manufacturing PMI data for October for the euro zone is released.

– CNBC's Yun Li and Yen Nee Lee contributed reporting to this story.

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