European markets likely to open slightly lower as investors monitor gains

Big 5

European markets are set to open slightly lower Wednesday morning, as market participants monitor the latest flurry of corporate results.

The FTSE 100 is seen 20 points lower at 7,503, the CAC is expected to open down around 11 points at 5,580, while the DAX is poised to start 32 points lower at 12,203, according to IG.

Market focus is largely attuned to earnings season, after better-than-feared figures from major companies on Wall Street helped the Nasdaq and S&P 500 indexes reach record closing highs overnight.

Equity markets also received support from rising energy shares on Tuesday, after international benchmark Brent crude jumped to its highest level since November 1.

Oil prices soared after the U.S. announced the end of six months of waivers that allowed Iran’s eight biggest buyers to continue importing limited volumes of Iranian oil.

Back in Europe, Credit Suisse reported an increase in first-quarter net profit on Wednesday, beating analyst expectations. Switzerland’s second-biggest bank reported a net income of 749 million Swiss francs ($733.93 million) for the first quarter of this year, an 8% increase year-on-year.

Investors are also likely to closely monitor the latest quarterly figures from Heineken, Michelin and Akzo Nobel Wednesday morning.

Source: CNBC