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European Shares to Pause for Breath After Rally

European stock index futures pointed to a mixed open for equities on Tuesday, with shares pausing for breath after a rally since the beginning of the month.

A broker works as his control screen shows a graph of activity on the French Stock Exchange in Paris.
AP
A broker works as his control screen shows a graph of activity on the French Stock Exchange in Paris.

European shares rose on Monday making their highest close since September 2008, with miners gaining as copper reached record highs on supply concerns and Randgold Resources profits jumped.

Relative calm appeared to have returned to Egypt and the crisis was no longer a concern for many investors, although some warned there was still plenty of uncertainty, notably with respect to what type of new government will emerge from the crisis.

"That's what will determine the future economy of Egypt," Marcel Kfoury, head of emerging market CEEMA Credit trading at Nomura told CNBC.

Saudi Arabia - which has come into focus as one of the countries that could be affected if the crisis spreads - has a different dynamic, he said, adding he was not particulary about similar events unfolding in the country.

Greece's Public Debt Management Agency will aim to sell 300 million euros ($408 million) of 26 week T-Bills on Tuesday.

The country is confident it has made enough progress on its fiscal consolidation plan to get the green light this week for a fourth tranche of EU/IMF aid, a government official told Reuters.

With little macroeconomic data scheduled for Tuesday, investors will focus on Germany which releases retail trade data as well as its industrial production index, both for December.

Figures released on Monday showed German industry orders dipped more than expected in December on falling demand from outside the euro zone for big ticket items, reversing November's sharp gains as analysts said the country's manufacturing outlook remained buoyant.

Contact Europe: Economy

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