European Markets To Track Earnings, Economic Data For Direction

European Markets To Track Earnings, Economic Data For Direction

European markets are likely to move in a tight range on Wednesday with traders tracking a slew of economic data from the zone.

A largely sluggish trend in Asia is likely to render the mood cautious. Also, investors are unlikely to make significant moves ahead of the US Federal Reserve’s monetary policy statement, due later in the day.

Most of the markets in Europe remained closed on Tuesday for Labour Day holiday. The U.K. market edged higher, riding on strong results from BP.

The markets will be tracking quarterly earnings reports and economic data for direction. Novo Nordisk, Hugo Boss, Glencore, Sainsbury’s and Standard Chartered are scheduled to report their earnings today.

Data released by State Secretariat for Economic Affairs showed Switzerland’s consumer confidence to have weakened in April, with the index falling to 2, from 5 in January.

Survey results from Swedbank and the logistics association SLIF showed Sweden’s manufacturing activity to have expanded at the weakest pace in more than one-and-a-half years in April. The Purchasing Managers’ Index, or PMI, for the manufacturing sector dropped to 54.9 in April from 55.9 in March.

Data on Swiss retail sales and factory PMI, Spain factory PMI, factory activity in France and Germany, Eurozone factory activity and unemployment data from Italy, euro area GDP for first quarter and unemployment for March and UK construction activity are all due during the course of the day.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

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