European markets seen higher on global positive momentum; UK budget in focus

Big 5

European stocks are set to open higher on Wednesday morning as positive world growth data and strong corporate earnings have boosted investor sentiment worldwide.

The FTSE 100 is seen higher by 4 points at 7,411; the DAX is set to start up by 9 points at 13,176 and the CAC 40 is set to open higher by 5 points at 5,369, according to IG.

In Asia, markets traded higher on Wednesday, boosted by positive sentiment and continuing a trend seen in the U.S. in the previous session.

Oil prices were also higher on expectations of a production cut next week at an OPEC meeting. Brent rose 0.6 percent trading at $62.99 and WTI was up by 1.6 percent at $57.77 a barrel at about 4.20 a.m. London time.

The main focus for market players on Wednesday will be on earnings, data from the euro zone and a budget update in the U.K.

In terms of earnings, the National Bank of Greece will report third quarter results and in the U.K., Sage Group and Thomas Cook will also announce their latest results.

Shares of Dutch firm Akzo Nobel will be in focus after Japanese firm Nippon Paint made an all cash offer Tuesday to buy Axalta, Reuters reported, putting an end to Axalta’s merger talks with Akzo Nobel.

U.K. Finance Minister Philip Hammond will present the government’s latest budget at 12:30 p.m. London time. The budget is the first since the general election and it is expected to include lower economic growth expectations than the one presented a year ago. Hammond is also expected to announce measures to boost housing.

Later, there will be flash consumer confidence numbers in the euro zone out at 3.00 p.m. London time. Source: CNBC