European stocks set for weaker open as oil rallies on Middle East tensions
European equity futures signaled a weaker open Wednesday. Euro Stoxx 50 and Stoxx 600 futures were down around 0.4%. Oil gains tracked escalating Middle East tensions, including Iran strikes, and ECB decision expectations for a 25-basis-point hike.
European equity markets were poised for a weaker open on Wednesday as oil prices extended gains amid escalating Middle East tensions, stoking inflation worries and expectations for higher interest rates. Iran said it had struck two American vessels and eight oil tankers in the Gulf in response to US attacks on five Iranian tankers near Kharg Island. Investors were also looking ahead to the European Central Bank’s policy decision on Thursday, with the central bank widely expected to deliver a 25-basis-point rate hike.
In corporate news, Dutch semiconductor equipment maker ASML said it had secured commitments from major chipmakers to adopt its latest production technology as demand for more advanced AI hardware continues to surge. 4%.