European markets set for cautiously higher open as investors watch earnings, data
- Earnings continue to guide sentiment in Europe, with Commerzbank, Siemens Energy, Hugo Boss and Intesa Sanpaolo among the big names reporting Wednesday.
- Final services and manufacturing PMI (purchasing managers' index) readings are due Wednesday morning from across the euro zone and the U.K., along with June's euro zone retail sales figures.
LONDON — European markets are set for a slightly higher open on Wednesday, as strong U.S. corporate earnings boosted global sentiment.
Britain's FTSE 100 is seen around 15 points higher at 7,121, Germany's DAX is set to add around 35 points to 15,590 and France's CAC 40 is expected to gain around 16 points to 6,740, according to IG data.
Shares in Asia-Pacific mostly advanced on Wednesday, with the exception of Japan, as a private survey showed Chinese services activity growth accelerating in July. However, the rapid rise in Covid-19 infections throughout the region is keeping optimism contained.
Stateside, stock futures were little changed in early premarket Wednesday trade after the previous session saw strong earnings power the S&P 500 to a new all-time closing high.
On the data front, final services and manufacturing PMI (purchasing managers' index) readings are due Wednesday morning from across the euro zone and the U.K., along with June's euro zone retail sales figures.
Earnings continue to guide sentiment in Europe, with Commerzbank, Siemens Energy, Hugo Boss and Intesa Sanpaolo among the big names reporting Wednesday.
Tuesday's earnings round showed that the global semiconductor shortage is likely to continue weighing on carmakers, as both BMW and Stellantis warned that production and sales will be hampered throughout the remainder of 2021 and beyond.
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