Stocks in Europe Forecasted for Guarded Gain in Trading Sessions
Headline: Global Markets Mixed as Google Antitrust Case and Economic Indicators Dominate Headlines
In a day marked by a flurry of economic indicators and ongoing legal battles, global markets experienced a mix of gains and losses.
Across the Atlantic, European stocks are expected to open slightly higher on Wednesday, following a steep decline on Tuesday. The pan-European STOXX 600 dropped 1.5 percent on Tuesday, with major indices such as the German DAX, France's CAC 40, and the U.K.'s FTSE 100 all posting significant losses.
The focus of the day was the ongoing antitrust case against Google, with the case primarily centred around Google's expensive distribution agreements with Apple, Samsung, and other smartphone manufacturers. In a notable development, a U.S. judge has ordered Google not to sell its Chrome web browser but to hand over its search results and some information to rival companies.
Meanwhile, across the pond, Asian markets were mostly lower on Wednesday. The tech-heavy Nasdaq Composite ended 0.8 percent lower, having initially slumped nearly 1.5 percent, while the S&P 500 declined 0.7 percent, and the Dow dipped 0.6 percent.
Economic indicators also held significant attention. U.S. factory activity contracted for a sixth consecutive month, impacted by import tariffs. Across the Atlantic, reports on factory orders and job openings, along with the Federal Reserve's Beige Book, will be in the spotlight ahead of the August jobs report due Friday.
Long-dated European bond yields hit multiyear highs, and Eurozone inflation ticked up to 2.1 percent last month. The dollar extended gains for a second consecutive session, while gold was little changed after closing at a record high on Tuesday, and oil prices slipped.
The OPEC+ meeting on Sunday remains a focus for investors, with analysts predicting that the group will not unwind remaining voluntary cuts. Eurozone producer price data, composite and service PMIs, and ECB President Lagarde's speech are expected to garner attention later in the day.
In a separate development, U.S. Treasury Secretary Scott Bessent is reportedly planning to start interviews on Friday to determine the next Federal Reserve chair. The new candidate being interviewed is Stephen Miran, nominated by former President Donald Trump; he is currently a White House economic adviser and has passed a key Senate committee hurdle.
President Donald Trump stated that his administration would ask the Supreme Court for an expedited ruling, although no new facts related to this statement were reported in the provided paragraphs.
As the day progressed, the 10-year Treasury yield climbed to 4.27 percent, and the 30-year yield approached 5 percent due to President Trump's bid to fire Fed Governor Lisa Cook and a court ruling challenging Trump-era tariffs.
The search term "Samsung" appeared in Google Search results, but no new information regarding this was provided in the bullet points.
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