European Markets Set to Open Lower Ahead of European Growth Data, UK Budget and More Earnings
European markets are heading for a negative open on Wednesday as investors await the latest growth data from the region, the UK government Budget and a slew of other earnings.
Preliminary quarterly growth data for the EU and euro area will be closely watched on Wednesday for further indications of the region’s economic health. In the UK, it’s Budget day with the Labour government set to present its tax and spending plans to parliament.
Meanwhile, today is another busy day for earnings and business updates, with Amundi, BASF, Capgemini, Raiffeisen Bank International, Wolters Kluwer, Aston Martin Lagonda, Volkswagen, Schneider Electric, Airbus, GSK, Ubisoft and Next all set to report.
Reporting early Wednesday, Swiss bank UBS posted strong profits, after completing the first wave of client migrations following its integration with bankrupt domestic rival Credit Suisse.
Elsewhere, Standard Chartered raised its 2024 earnings guidance as it posted third-quarter profits that beat expectations.
Asia-Pacific markets were mostly lower overnight despite gains on Wall Street's major benchmarks on Tuesday, with the Nasdaq Composite closing at a record high as tech stocks rallied.
S&P 500 futures rose overnight as traders braced for additional reports from major tech companies and awaited the first preliminary reading of U.S. third-quarter gross domestic product due on Wednesday. The report is expected to show GDP grew at an annualized pace of 3.1% in the third quarter, according to the Dow Jones consensus estimate.
Source: CNBC
