European stocks head for lower open, shrugging off Chinese growth data that strike potential

European stocks are likely to open in negative subjects on Thursday, failing to get a boost from Chinese development data showing a rebound in the market.

London’s FTSE is seen 34 points lower at 6272 Germany’s DAX is seen 123 points lower at 12827 France’s CAC 40 is expected to open 45 points lower at 5076 and Italy’s FTSE MIB down 142 points at 20001 according to IG.

Global investors will be digesting the latest development data from China Thursday for further clues on how the world’s second-largest economy is improving from the coronavirus pandemic. China reported that the country’s GDP grew by 3.2 % in the 2nd Q of this year, compared to a year ago — beating analysts’ hope of 2.5% development & rebounding from the 1st Q contraction. Stocks in the Asia Pacific were lower in Thursday afternoon trade following the data, even so.

In the meantime, the corona virus pandemic continues to evaluate sentiment as the U.S. reports rising numbers of new corona virus cases. White House health advisor Dr. Anthony Fauci is pushing back against Trump’s administration efforts to disgrace him, calling the campaign “bizarre” and saying he will not step down. 

Fauci on Wednesday predicted on Wednesday that the U.S. will meet its goal of a corona virus vaccine by the end of the year, telling Reuters in a conference that he feels “good about the projected timetable.”

In Europe, investors are awaiting the latest economic policy decision from the European Central Bank although the bank is not expected to announce any policy changes Thursday.

European income comes from Norwegian Air and Experian Thursday and a slew of car registration data from European countries will be watched to gauge the health of the car industry and new car sales.