European Stocks Set for Higher Open
European equity markets were poised to open higher on Wednesday as the recent surge in oil prices and global bond yields lost steam, providing some relief for stocks. Oil prices eased from multi-month highs after US crude inventories unexpectedly increased, while bond yields stabilized following their recent climb as investors turned their focus to key central bank decisions this week. The US Federal Reserve is widely expected to raise interest rates later today, which would mark its first hike in roughly three years. Meanwhile, the Bank of England is expected to keep rates unchanged on Thursday, despite fresh data showing UK consumer inflation accelerated to 3.1% in August, its highest level in five months. Elsewhere, markets will await Italy’s final August inflation figures, along with the latest Eurozone data on industrial production and wages. In premarket trading, Euro Stoxx 50 and Stoxx 600 futures gained 0.4% and 0.3%, respectively.
European equity markets were poised to open higher on Wednesday as the recent surge in oil prices and global bond yields lost steam, providing some relief for stocks. Oil prices eased from multi-month highs after US crude inventories unexpectedly increased, while bond yields stabilized following their recent climb as investors turned their focus to key central bank decisions this week. The US Federal Reserve is widely expected to raise interest rates later today, which would mark its first hike in roughly three years. 1% in August, its highest level in five months.
Elsewhere, markets will await Italy’s final August inflation figures, along with the latest Eurozone data on industrial production and wages. 3%, respectively.