BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks look set to open on a cautious note Wednesday, with upcoming Nvidia earnings and U.S. economic data likely to be in focus.
Nvidia's highly awaited third-quarter results will be published after today's market close, with investors awaiting clarity on guidance for fresh insights on the strength of the AI trade.
Meanwhile, earnings reports from major retailers Target, Lowe's and TJX Companies should give market participants a stronger picture of how consumer spending is faring amid high tariff costs and elevated mortgage rates.
Traders are also looking ahead to the release of some U.S. economic data, including the September jobs report on Thursday that will be released after a lengthy delay due to the government shutdown.
Closer home, consumer price inflation data from the U.K. and the euro area will be in the spotlight later today.
Asian markets were mostly lower, failing to hold onto early gains after a three-day sell-off. The dollar index held steady while gold edged up slightly ahead of the release of the minutes from the Federal Reserve's latest policy meeting.
Oil prices were little changed as data showing rising U.S. stockpiles offset concerns about the fallout from Western sanctions on Russia.
U.S. stocks ended deep in the red overnight to reach their lowest levels in a month due to worries about an AI bubble, dwindling rate cut hopes and investor anxiety about the economic outlook.
Home improvement retailer Home Depot forecast a steeper than expected drop in annual profit, raising concerns about the housing market and the health of the American consumer.
In economic releases, data showed the number of Americans claiming jobless benefits reached a two-month high in mid-October for the week concluding 18 October.
New orders for U.S. manufactured goods rebounded in August, though business spending on equipment was not as strong as initially thought.
The Dow dipped 1.1 percent and the tech-heavy Nasdaq Composite declined 1.2 percent while the S&P 500 dropped 0.8 percent to extend losses for a fourth straight session, marking its longest slide since August.
European stocks slumped to close around one-month lows on Tuesday as the risk-off mood intensified.
The pan European Stoxx 600 plunged 1.7 percent. The German DAX lost 1.7 percent, France's CAC 40 tumbled 1.9 percent and the U.K.'s FTSE 100 gave up 1.3 percent.
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