European stocks may open lower on Wednesday after energy stocks led a late-afternoon sell-off on Wall Street overnight.
Asian stocks are trading modestly lower in cautious trade as oil prices extended losses after plunging 7 percent Tuesday to mark their 12th straight session of losses in view of OPEC’s warning that a supply glut could emerge in 2019.
Gold prices inched up as the dollar retreated from a 16-month high reached earlier this week.
Industrial production in China rose an annual 5.9 percent in October, the National Bureau of Statistics said today – exceeding expectations for 5.8 percent, which would have been unchanged from the September reading.
Retail sales climbed 8.6 percent year-on-year – missing forecasts for a gain of 9.2 percent, while fixed asset investment advanced an annual 5.7 percent, surpassing forecasts for 5.5 percent.
Elsewhere, Japan’s gross domestic product slipped a seasonally adjusted 0.3 percent sequentially in the third quarter of 2018, the Cabinet Office said in a preliminary report. That was in line with expectations following the 0.7 percent gain in the previous three months.
The European economic calendar stands busy, with several countries reporting GDP figures for the third quarter later today. The U.K will be releasing its inflation data for October.
Across the Atlantic, trading may be impacted by reaction to the Labor Department’s report on consumer prices for October.
Overnight, U.S. stocks gave up early gains to end mostly lower amid drops in Boeing and energy stocks. The Dow dropped 0.4 percent and the S&P 500 slid 0.2 percent while the tech-heavy Nasdaq Composite ended on a flat note.
European markets rose on Tuesday as investors cheered reports of progress in the Brexit negotiations and the resumption of trade talks between the U.S. and China.
The pan-European Stoxx Europe 600 index added 0.7 percent. The German DAX climbed 1.3 percent, France’s CAC 40 index gained 0.9 percent and the U.K.’s FTSE 100 finished marginally higher.