European markets seen lower ahead of earnings; VW to replace CEO

Equities in Europe are set to open lower Wednesday as investors begin to focus on earnings at the start of a new reporting season.

The FTSE 100 is seen off by 20 points at 7,239; the DAX 30 is set to start down by 58 points at 12,342 and the CAC 40 in France is seen down by 18 points at 5,289, according to IG.

In Asia, markets traded mixed overnight after an initial rally led by Wall Street on Tuesday. Investors became less concerned over a potential trade war after Chinese President XI Jinping said he would open up the economy, causing markets to rally on Tuesday.

Meanwhile, in Europe, the European Commission raided the offices of Twenty-First Century Fox in London. According to the Daily Telegraph, investigators will remain in the premises possible until Thursday, but they have not disclosed any information about the reasons behind their presence. Fox shares dropped more than 1 percent in extended trading.

In other corporate affairs, Volkswagen is set to replace its Chief Executive Officer Matthias Mueller with the Herbert Diess, Reuters reported.

Lufthansa and easyJet have submitted revised bids for the Italian carrier Alitalia, Reuters reported.

In terms of earnings, Carrefour will publish its first-quarter sales figures. In the U.K., Tesco will also announce preliminary results.

In terms of data, the calendar is thin with balance of trade figures due in the U.K. at 9.30 a.m. London time. Source: CNBC