Europe before the bell: The Fed, Middle East and UK CPI
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EUROPE BEFORE THE BELL: THE FED, MIDDLE EAST AND UK CPI
European shares were set for a softer start on Wednesday with a highly anticipated rate cut by the Fed monopolising traders' attention, overshadowing risks of an escalation of Middle East tensions following deadly pager blasts across Lebanon.
Militant group Hezbollah promised to retaliate against Israel after accusing it of detonating pagers on Tuesday, killing nine people and wounding nearly 3,000 others.
EuroSTOXX50 futures inched 0.04% lower, while FTSE futures fell 0.2%, moving just a tick lower after data showed British inflation stood at an annual rate of 2.2% in August, in line with expectations and unchanged from July.
"UK inflation remains subdued, though underlying elements continue to inch higher... today’s figures suggest that the Bank will not be in a hurry to pursue back-to-back policy easing," said Jeremy Batstone-Carr, strategist at Raymond James.
In European corporate news, Novo Nordisk NOVOb.CO will be watched after Bloomberg reported the company expects its diabetes drug Ozempic will "very likely" be on the U.S. government's 2027 list of price negotiations.
Commerzbank CBKG.DE could remain volatile. The German finance ministry denied a report saying it remained committed to selling its entire stake in the bank despite UniCredit's CRDI.MI interest in potentially buying the lender.
In M&A, Reckitt Benckiser RKT.L has reportedly launched early discussions for a sale of its homecare assets, which could be worth over 6 billion pounds ($7.89 billion).
Insurer Legal & General LGEN.L has agreed to sell its UK housebuilder CALA Group for 1.35 billion pounds ($1.78 billion).
(Danilo Masoni)
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