European stocks may open on a mixed note Wednesday as investors await key U.S. GDP and inflation readings along with speeches by Fed officials for fresh clues on the timing of the Federal Reserve\'s easing cycle.
Eurozone economic sentiment survey results as well as a revised reading on fourth quarter U.S. GDP may attract attention later today along with remarks by several Federal Reserve officials.
Fed Governor Michelle Bowman on Tuesday said inflation will continue to decline further but it\'s too soon to begin cutting interest rates.
The U.S. Commerce Department\'s report on personal income and spending, which is scheduled to be released on Thursday, includes a reading on consumer price inflation said to be preferred by the Federal Reserve.
Some relief on Eurozone inflation is expected on Friday, backing the case for an ECB rate cut. Inflation reports from Germany, France and Spain are due on Thursday.
Asian markets traded mostly lower as G20 finance ministers meet in Brazil to discuss ways to shore up the global economy.
Investors also awaited China\'s PMI data with bated breath, with the Lunar New Year holiday expected to bring expected to bring some greet shoots.
On the geopolitical front, Israel and Hamas have downplayed U.S President Joe Biden\'s statement indicating progress in talks for a case-fire in Gaza.
Gold held steady in Asian trading as lower Treasury yields countered a firmer dollar.
Oil prices fell slightly, with U.S. stockpile data, OPEC+ supply policy and disruptions in the Red Sea route in focus.
U.S. stocks fluctuated before ending mixed overnight as weak economic data stirred expectations of an earlier-than-anticipated rate hike by the Federal Reserve.
Orders for long-lasting U.S. manufactured goods fell by the most in nearly four years in January while there was an unexpected deterioration in consumer confidence in February, separate data revealed.
The tech-heavy Nasdaq Composite rose 0.4 percent and the S&P 500 added 0.2 percent while the Dow eased 0.3 percent.
European stocks closed slightly higher on Tuesday amid shaky global sentiment and after the release of mixed regional data.
The pan European STOXX 600 inched up 0.2 percent. The German DAX climbed 0.8 percent and France\'s CAC 40 edged up 0.2 percent while the U.K.\'s FTSE 100 finished marginally lower.