European stock markets are expected to open lower Wednesday as investors await the outcome of talks to raise the U.S. debt ceiling and key economic data. U.S. President Joe Biden and House Speaker Kevin McCarthy held “productive” talks on Monday, but there was little sign of progress yesterday. Germany’s Ifo survey of current business conditions, due later in the session, will be closely watched for clues of sentiment in the region’s largest economy. U.K. inflation slowed in April, with the annual figure coming in at 8.7%, still above expectations. Bank of England Governor Andrew Bailey and ECB President Christine Lagarde are both scheduled to speak later Wednesday. Oil prices rose Wednesday after industry data registered a sharp drop in U.S. inventories, while gold futures rose 0.3% to $1,980.15/oz. EUR/USD traded 0.1% higher at 1.0785.
Categories