October 2, 2022

European markets open to close, UK politics, earnings, data

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LONDON — European stocks are expected to open higher on Wednesday as markets look to reverse a negative slide in the previous trading session.

The U.K.’s FTSE index is seen opening 79 points higher at 7,096, Germany’s DAX 159 points higher at 12,550, France’s CAC 40 up 82 points at 5,867, and Italy’s FTSE MIB 270 points higher at 20,842, according to data from IG.

The higher open anticipated for Europe comes after the pan-European Stoxx 600 closed down by 2.1% on Tuesday as fears of a recession grew in the region.

The July Sentix Economic Index on Monday showed investor morale across the 19-country euro zone has plunged to its lowest level since May 2020, pointing toward an “inevitable” recession.

On Tuesday, the euro fell to its lowest level in two decades as fears of a recession ramped up, with gas prices soaring and the Ukraine war showing no signs of abating.

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U.S. stocks also fell Tuesday before staging a late recovery. Investors stateside are looking ahead to publication of the U.S. Federal Reserve’s minutes from its latest Federal Open Market Committee meeting on Wednesday.

U.S. data releases this week also include the June jobs report on Friday. According to Dow Jones estimates, job growth likely slowed in June, with 250,000 nonfarm payrolls added, down from 390,000 in May. Economists surveyed expect the unemployment rate to hold at 3.6%.

In Europe, euro zone retail sales data for May is set to be released. On the corporate front, GSK will hold an extraordinary annual general meeting and BMW will publish its second quarter sales.



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