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European markets set to slide at the open as investors weigh up the economic outlook

Soegeefx AppsEU MarketEuropean markets set to slide at the open as investors weigh up the economic outlook

Key Points

  • European stocks are expected to slide at the open on Wednesday as global sentiment remains volatile.
  • Investors will continue to watch for news out of the NATO summit in Spain on Wednesday as well as the European Central Bank’s forum in Sintra, Portugal.

LONDON — European stocks are expected to slide at the open on Wednesday as global sentiment remains volatile and investors monitor the economic outlook.

The U.K.’s FTSE index is seen opening 51 points lower at 7,276, Germany’s DAX 87 points lower at 13,141, France’s CAC 40 down 47 points at 6,039 and Italy’s FTSE MIB 132 points lower at 21,806, according to data from IG.

The lower open anticipated for European markets comes amid declines elsewhere overnight. In Asia-Pacific markets, Hong Kong shares led losses on Wednesday, with stocks there taking the negative lead from Wall Street. U.S. stock futures were flat early on Wednesday after the major averages made a failed attempt at a bounce in the previous session.

Asia-Pacific markets had been buoyed Tuesday after China’s decision to halve the Covid quarantine period to seven days, with a further three days spent at home, which gave markets a signal that Beijing is relaxing its strict approach to eradicating Covid-19.

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In other news, investors will continue to watch for news out of the NATO summit in Spain on Wednesday as well as the European Central Bank’s forum in Sintra, Portugal.

There was momentous news from the NATO summit in Madrid on Tuesday as NATO Secretary-General Jens Stoltenberg announced that a deal had been reached to admit Sweden and Finland after objections from NATO member Turkey had been resolved.

Earnings come from H&M and Mulberry on Wednesday. Data releases include euro zone consumer confidence figures for June and Spanish inflation data also for June.

Source : CNBC

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