European stock markets traded cautiously on Wednesday as investors remain wary of the looming U.S. debt ceiling deadline and the potential for a catastrophic U.S. debt default. The session’s main economic data will be the final eurozone consumer inflation figures for April. In the corporate sector, Commerzbank stock fell over 7% despite the German lender reporting that its net profit nearly doubled in the first quarter. UBS stock fell 0.2% after the Swiss bank flagged a financial hit of about $17 billion from the takeover of Credit Suisse. Siemens stock rose 2.2% after the German engineering and technology group raised its full-year sales and profit guidance after beating sales forecasts during its second quarter. Oil prices retreated Wednesday after a surprise rise in U.S. crude stockpiles raised demand concerns at the world’s largest consumer. Gold futures fell 0.1% to $1,992.45/oz, while EUR/USD traded 0.3% lower at 1.0833.
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