February 3, 2023

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European Shares May See Tepid Start With Focus On Earnings

2 min read

European stocks may drift lower at open on Wednesday, as investors await more U.S. economic data as well as management commentary on the demand outlook from prominent companies for further clarity on the economic outlook.

Asian stocks traded mixed, with markets in mainland China, Hong Kong and Taiwan closed for Lunar New Year holidays.

U.S. stock futures fell after Capital One posted an earnings miss, Microsoft reported its slowest quarter of sales growth in six years and Texas Instruments forecast first-quarter revenue and profit below Wall Street targets.

The euro held near a nine-month peak against the dollar following hawkish comments from the European Central Bank (ECB) officials ahead of the next week’s monetary policy meeting.

Meanwhile, economists expect at 25-basis point increase at the FOMC’s next meeting at the end of this month.

Gold edged lower in Asian trading, while oil prices were seeing modest gains ahead of an OPEC panel meeting on February 01 to review current price policy.

In economic releases, business sentiment data from Germany and producer price figures from the U.K. are due later in the day.

U.S. stocks ended mixed overnight amid a deluge of earnings and hopes of a less aggressive Federal Reserve.

The tech-heavy Nasdaq Composite slipped 0.3 percent and the S&P ended marginally lower, while the Dow rose 0.3 percent to extend gains for a third day running.

European stocks snapped a two-day winning streak on Tuesday as investors assessed the outlook for economic and earnings growth.

The pan European STOXX 600 slid 0.2 percent. The German DAX eased marginally and the U.K.’s FTSE 100 dipped 0.4 percent while France’s CAC 40 index rose 0.3 percent.

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2023-01-25 00:40:15

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