European markets open at close, earnings, data, central banks

LONDON — European stocks are set to open in negative territory on Wednesday, giving up gains made in the previous session amid more positive global sentiment.

The United Kingdom FTSE the index is expected to open 45 points lower at 7,103, the German index DAX 112 points down at 13,180, France CAC40 down 56 points to 5,906, and Italy MIB FTSE 174 points lower at 21,763, according to IG data.

The lower open in Europe comes as global market sentiment shifts to a more negative framework. Overnight, Asia-Pacific stocks mostly traded lower as economic fears continue to weigh on the market.

Oil futures fell more than 3% in Asian trade, with international benchmark Brent futures sliding 3.27% to $110.90 a barrel. U.S. Crude Futures also fell 3.57% to $105.61 a barrel.

Reuters reported that US President Joe Biden plans to seek suspension of 18.4 cents per gallon federal gasoline tax in an effort to reduce soaring energy costs.

US stock index futures also fell early on Wednesday, giving up gains made by major averages during normal trading hours as they attempted to recoup some losses after weeks of selling.

Fed Chairman Jerome Powell will appear before Congress on Wednesday, kicking off two days of testimony. Investors will be on the lookout for more clues on the path of interest rate hikes after the central bank hiked rates by three-quarters of a percentage point last week – the Fed’s biggest rate hike ever. since 1994.

On the data front in Europe, the UK inflation rate for May is expected to be released today, acting as another indicator of rising prices in Europe.

– CNBC’s Abigal Ng contributed to this market report.

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