European stocks dip as traders gear up for Nvidia earnings
European markets shed early gains to trade lower Wednesday morning, as traders gear up for a quarterly earnings report from chipmaker
France’s CAC 40 index nudged 0.1% higher following a 1.6% decline on Tuesday. Investors were spooked by the potential for a fresh period of political instability and inability to pass a 2026 budget after opposition parties said they would not back Prime Minister Francois Bayrou in a confidence vote next month.
The pan-European Stoxx 600 fell in both of the last two sessions, and was just below the flatline at 10 a.m. in London. However, it’s been a relatively strong month overall for the regional index, which has gained nearly 1.5% for its best month since May’s global equity rally.
Stoxx 600 index.
Gains were broad-based on Wednesday, with household goods, autos, media and mining stocks all up by around 0.6%. Banks slipped 0.2%, while chemicals dropped 0.4%.
U.S. futures were slightly higher in the early hours, as investors looked past President Donald Trump’s unprecedented move earlier in the week to fire Federal Reserve Governor Lisa Cook from the central bank’s board.
Asia-Pacific markets traded mixed on Wednesday, after data showed China’s industrial profits slipped 1.5% year on year in July, a notable recovery following months of steeper declines.
In India, where markets are closed for a holiday, steep U.S. tariffs totaling 50% are set to take effect.
— CNBC’s Lee Ying Shan contributed to this story.
