European stocks are set to open slightly lower Wednesday morning, after unexpectedly weak U.S. manufacturing activity stoked worries over the world’s largest economy.
The FTSE 100 is seen 30 points lower at 7,330, the CAC is expected to open little changed from the previous session at 5,598, while the DAX is poised to start 7 points lower at 12,263, according to IG.
European Markets: FTSE, GDAXI, FCHI, IBEX
The moves in pre-market trade came as investors reflected on weaker-than-anticipated economic data and awaited the British government’s revised Brexit proposals.
U.S. manufacturing activity tumbled to lows not seen in over a decade, data published Tuesday showed, aggravating worries about a long-running trade dispute between Washington and Beijing.
High-level trade officials from the U.S. and China are expected to hold a fresh round of negotiations next week.
The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
Back in Europe, British Prime Minister Boris Johnson is expected to unveil his final Brexit offer to the European Union on Wednesday.
The Conservative party leader has already warned Brussels that if EU leaders fail to engage with his proposal, the world’s fifth-largest economy will not negotiate further and will leave without a deal on October 31.
Sterling traded down around 0.1% at 1.2282 at around 5:30 a.m. London time.