European markets opened lower Wednesday as investors gauge the global economic outlook and await the minutes from the U.S. Federal Reserve’s latest monetary policy meeting.
The pan-European Stoxx 600 index was down 0.4% shortly after the open, with most sectors seeing declines. Mining stocks dropped 1.3% and banks fell 0.6%, while media stocks bucked the trend to gain 0.7%.
European markets fell 0.2% yesterday, while U.S. stocks had their worst day of the year so far amid fears the Fed will keep rates higher for longer than previously thought.
U.S. stock futures rose slightly in overnight trading, largely on corporate earnings, as Wall Street braced itself for more insight into the central bank’s rate-hiking agenda.
In Asia-Pacific overnight, markets were lower after Wall Street’s sharp losses overnight, and New Zealand’s central bank continued to hike its benchmark interest rate.