Europe stocks set to open lower as investors monitor earnings, UK budget update


LONDON — European stocks are set to open lower on Wednesday, as investors digest corporate earnings, fresh economic data and a budget update from the U.K. finance minister.

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European traders will digest a busy morning of earnings, with Schneider Electric, Deutsche Bank, Heineken and Banco Santander just some of those reporting before the bell.

Deutsche Bank reported a fall in revenues at its investment banking unit Wednesday, but still managed to beat expectations and post its fifth consecutive quarter of profit. The bank reported a net income of 194 million euros in the three months to September. Analysts had estimated a net income of 135 million euros for the third quarter, according to data from Refinitiv.

On the data front, French consumer confidence and producer price figures are due to be released at 7:45 a.m. London time, while euro zone money growth and loans data is due out at 9 a.m. London time.

In the U.K., Finance Minister Rishi Sunak will deliver his budget later in the session. The half-yearly update on the country’s public finances is expected to bring increased spending on health care, transport and a rise in public sector pay.

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– CNBC’s Eustance Huang contributed to this report. Eustance Huang



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