European markets to open higher

Big 5

Markets in Europe are seen higher this Wednesday as the earnings season continues.

The FTSE 100 is seen up by 8 points at 7158.3, the DAX is set to open 35 points higher at 11629.5 and the French CAC is set to begin 17 points up at 4846.7.

The pharmaceutical firm Novartis reported Wednesday morning a core operating income that was down by 2 percent in its latest fiscal year due to “generic erosion and growth investments.” Net income was higher by 1 percent.

The Spanish bank Santander said Wednesday that its net profit stood at 1.60 billion euros ($1.72 billion) in the fourth quarter, an increase from 25 million euros compared to a year ago.

Also, in corporate news, the British BT lost a fifth of its market value on Tuesday after reporting accounting problems in its Italian business.

Governor Mark Carney of the Bank of England is due to speak in Germany at a Bundesbank conference.

Meanwhile, a member of the European Central Bank, Sabine Lautenschlaeger, said Tuesday that the bank could “soon” start planning tapering its monetary stimulus, Reuters reported.

Oil and gas stocks should be on the radar this Wednesday after U.S. President Donald Trump signed orders for new oil pipelines in the country.

Source: CNBC

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