{"id":144224,"date":"2021-11-09T23:48:28","date_gmt":"2021-11-09T23:48:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144224"},"modified":"2021-11-09T23:48:28","modified_gmt":"2021-11-09T23:48:28","slug":"european-shares-set-to-open-on-cautious-note","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/european-shares-set-to-open-on-cautious-note\/","title":{"rendered":"European Shares Set To Open On Cautious Note"},"content":{"rendered":"
European stocks may open on a cautious note on Wednesday as investors avoid making significant moves ahead of the Fed announcement later in the day. <\/p>\n
The Federal Reserve is expected to announce plans to begin gradually scaling back its $120 billion in monthly bond purchases by mid-November or December.<\/p>\n
The language of the Fed’s statement is likely to be in focus amid greater concern over inflation and growing risks to growth. <\/p>\n
Asian markets<\/span> traded mixed even as a private survey showed China’s services sector activity expanded at a faster pace in October.<\/p>\n China’s economy<\/span> is facing new downward pressure and it needs “cross-cyclical adjustments” to continue in a proper range, state broadcaster CCTV quoted Premier Li Keqiang as saying.<\/p>\n Nationwide house price data and final Purchasing Managers’ survey results from the U.K. are due later in the session, headlining a light day for the European economic news.<\/p>\n ECB President Lagarde will deliver a speech that could be market moving. <\/p>\n Across the Atlantic, the Fed announcement is likely to be in the spotlight along with reports on private sector employment, service sector activity and factory orders. <\/p>\n The latest U.S. jobs data, including non-farm payrolls, will be released on Friday. <\/p>\n The Bank of England announces its policy decision on Thursday, with think-tanks divided on which way the rate decision would go. <\/p>\n The dollar was moving in a relatively tight range. Oil prices fell as the U.S. increased pressure on OPEC+ to boost supplies and industry data pointed to a big build in crude oil and distillate stocks in the United States.<\/p>\n Gold edged lower while Bitcoin held around $63,000 amid a rally in cryptocurrencies.<\/p>\n U.S. stocks rose modestly to hit new record highs overnight as earnings optimism prevailed and the two-day FOMC meeting got underway. <\/p>\n The Dow and the S&P 500 rose around 0.4 percent each while the tech-heavy Nasdaq Composite gained 0.3 percent. <\/p>\n European markets ended higher on Tuesday despite weak Eurozone manufacturing data. The pan European Stoxx 600 edged up 0.1 percent. <\/p>\n The German DAX climbed 0.9 percent and France’s CAC 40 index added half a percent, while the U.K.’s FTSE 100 slid 0.2 percent, dragged down by miners. <\/p>\n