Title: European Stock Futures Largely Lower; Caution Over Ukraine Peace Talks
Mar 30, 2022 02:04AM ET
European stock markets are expected to open mostly weaker on Wednesday, giving back some of the previous session's strong gains as they remain cautious about the possible success of peace talks between Ukraine and Russia.
At 2:05 AM ET, DAX futures in Germany were trading 0.4% lower; CAC 40 futures in France were down 0.2%, while FTSE 100 futures in the UK were up 0.2%.
In negotiations between Ukrainian and Russian diplomats in Istanbul on Tuesday, Russia said it would significantly reduce its military activity near the Ukrainian capital, Kyiv, and chief negotiator Vladimir Medinsky said the country would "de-escalate" the conflict.
This led European stocks to close sharply higher on Tuesday, with the DAX up 2.8% and the CAC 40 up 3.1%.
Since then, however, doubts have emerged about Russia's intentions, and the Pentagon warned that Kyiv remained under threat.
"Ukrainians are not naive people," Ukrainian President Volodymyr Zelensky said late Tuesday night. Ukrainians have already learned in these 34 days of invasion and in the past eight years of war in the Donbas that the only thing they can trust is a concrete outcome.
European economic data will include Spanish and German consumer inflation, Italian consumer and business confidence, and Eurozone sentiment data.
However, most eyes will be on the US market with fourth-quarter GDP figures due and ADP releasing its private payrolls data ahead of the much-watched monthly labor market report on Friday.
Incorporate news, UBS will be in the spotlight after the Swiss lender announced the results of its 2021 share buyback, in which it spent 3.81 billion Swiss francs ($4.10 billion) to buy back its shares, equivalent to 6.49% of its share capital.
Next will also be in focus as the British retailer is set to release its latest results.