(RTTNews) - The major European index futures are pointing towards a lower opening for the European markets on Tuesday. The financial markets in the U.S. remained closed on Monday due to the Labor Day holiday and the economic new flow in the European region remains lean. The Asian markets are mixed in a directionless trading session on Tuesday. Against this backdrop, the European markets are likely to consolidate at current levels.

The Brent North Sea crude futures were up at $109.71 a barrel by 11:37 p.m. ET after the contract plunged by $4.32 to settle at $109.73 a barrel on Monday on London’s ICE Futures Europe exchange. Oil prices fell overnight after Hurricane Gustav weakened before striking the Louisiana coast, easing concerns about any major damage to rigs and refineries.

In Asia Tuesday, Australia’s All Ordinaries index is gaining 0.7% and Japan’s Nikkei 225 index is advancing 0.2%, while South Korea’s KOSPI is losing 0.8%, Hong Kong’s Hang Seng index is edging 0.1% lower and China’s Shanghai composite index is down 0.7%.

The major economic data scheduled for release in the European region are the Swiss consumer price index and gross domestic product, the Euro-Zone producer price index and Nationwide’s consumer confidence index for the U.K. In the U.S., traders await data on the manufacturing sector by the ISM, construction spending and ABC consumer confidence.

The European markets fell for the first time in five days on Monday, as energy and mining stocks lost ground on the back of lower crude oil and metals prices. The FTSEurofirst 300 index of pan-European blue chips closed down 0.45% at 1,189 and the narrower DJ Stoxx 50 index declined 0.46% to 2,902. In Europe, the U.K.’s FTSE 100 index dropped 0.60% to 5,602, France’s CAC 40 index fell 0.23% to 4,472 and Germany’s DAX index closed flat at 6,421.

After falling to new multi-month lows of 1.4558 against the dollar and 157.13 against the yen in early Asian session Tuesday, the euro reversed direction by around 6:45 p.m. ET. The euro is currently worth 1.4578 against the dollar and 157.85 against the yen. Against the pound, the euro eased after hitting a new record high of 0.8166 by 6:25 p.m. ET. The euro-pound pair is now trading at 0.8142.

In the U.K. market, Ashtead Group, Dechra Pharmaceuticals, Eaga, and Maple Energy are scheduled to report earnings.

Utility company Hays International Power may move after it extended an arrangement with Britain’s Environment Agency on limits to the running time of its Rugeley coal-fired power plant. SkyePharma is likely to move after the Flutiform asthma inhaler-maker said that it would raise 18.4 million pounds in a sale of new shares as part of a reorganization of the company’s debt.

Arcandor may react to reports that its Karstadt would dismiss 400 to 450 employees at its headquarters in Essen, Germany. Deutsche Boerse is likely to decline after it said that trades fell 49% to EUR 146 billion in August compared to EUR 288.5 billion a year earlier.

Fiat may gain after data released by the Transport Ministry showed that domestic market share of the carmaker rose to 33.1% from 31.7% in August. Societe Generale, France’s second-largest bank, may gain after it bought Lithuanian consumer credit company General Financing.

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Posted in Categories: Australia, Economy, Eurozone, Japan, Releases, Switzerland, UK, USA.

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