European stock futures rise; attention on U.S. debt deadline and eurozone CPI. stock markets expected to open in a cautious manner Wednesday amid U.S. debt ceiling uncertainty
European Markets eyeing US debit ceiling outcome
At 2:00 ET (or 06:00 GMT), the DAX futures contract in Germany, the CAC 40 futures contract in France. And the FTSE 100 futures contract in the UK all traded 0.1% higher.
Traders in Europe are not exempt from the unease caused by the approaching deadline for raising the U.S. debt ceiling. And the possibility of a disastrous U.S. debt default.
Tuesday’s negotiations between Republican House Speaker Kevin McCarthy and U.S. Vice President Joe Biden ended without a compromise
Final Consumer Inflation data from eurozone is crucial
The final consumer inflation estimates from the eurozone for April will be the session’s primary economic news from Europe. And it is predicted that prices stayed elevated.
In the business field, attention is going to be on UBS (SIX:UBSG). After the Swiss bank disclosed a financial impact from the acquisition of Credit Suisse of roughly $17 billion.
With the support of rising interest rates, Commerzbank (ETR:CBKG) stated that its net profit nearly quadrupled in the first quarter.
Crude oil fell on Wednesday (Today)
Oil prices fell further on Wednesday as demand worries increased in the world’s top consumer. Following a surprising increase in U.S. oil stocks.
In contrast to the anticipated depletion, U.S. crude stockpiles increased by 3.6 million barrels in the week ending May 12. According to statistics from the industry group American Petroleum Institute.
The Strategic Petroleum Reserve releases must be taken into account while building stock levels.But these declines have been kept to a minimum. And the decline in gasoline and distillate stockpiles indicated that demand getting better.
Later in the day, the EIAis expected to provide official government data on crude and product stocks in the United States. U.S. oil futures were trading 0.9% weaker at $70.20 a barrel by 2:00 ET, whereas the Brent price was off 0.8% at $74.29.
Siemens (ETR:SIEGn), a German engineering and technology company, increased its full-year revenue and profit outlook after exceeding sales projections during the second quarter.
