Overseas Trading: Europe Slumps Ahead of ECB Meeting

European investors are showing caution ahead of the European Central Bank's (ECB) meeting on Thursday

Josh Selway

Mar 7, 2016 at 8:39 AM

On the heels of a strong U.S. jobs report and a revised economic outlook out of China, Asian stocks closed mixed. China's Premier Li Keqiang at the National People's Congress (NPC) on Saturday announced a slightly lower yearly growth target for the country, while adding officials are working on more ways to prop up the economy. As a result, the Shanghai Composite ended the day up 0.9%, while Hong Kong's Hang Seng lost 0.1%. Japan's Nikkei cooled after a four-day win streak to settle with a 0.6% loss. In South Korea, the Kospi gained a modest 0.1%.

Stocks in Europe are lower at midday -- even as crude oil futures rise. Traders are showing caution ahead of the European Central Bank's (ECB) policy meeting on Thursday, when the central bank's expected to expand its stimulus measures. In addition, lackluster economic data out of Germany is keeping buyers on the sidelines. Mining stocks, however, are adding to Friday's gains. London's FTSE 100 was 1.1% lower at last check, while Germany's DAX was off 1%. France's CAC 40 was last seen down 0.9%.

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