European markets head for lower open as global tech stocks take a hit
- London's FTSE is seen opening 9 points lower at 6,294, Germany's DAX down 51 points at 13,151, France's CAC 40 down 24 points at 5,413 and Italy's FTSE MIB 4 points lower at 20,776, according to IG.
LONDON — European stocks are expected to open lower Wednesday, with tech stocks in focus following declines for the sector as hopes rise over a forthcoming coronavirus vaccine.
London's FTSE is seen opening 9 points lower at 6,294, Germany's DAX down 51 points at 13,151, France's CAC 40 down 24 points at 5,413 and Italy's FTSE MIB 4 points lower at 20,776, according to IG.
European markets are bucking the positive trend seen earlier this week, following Pfizer and BioNTech's announcement that their Covid-19 vaccine was more than 90% effective in preventing the disease.
U.S. equity futures were higher in overnight trading on Tuesday, amid this week's rotation out of technology stocks into cyclical names that hinge upon a recovering economy. Dow futures added 92 points. S&P 500 futures and Nasdaq 100 futures both traded in mildly positive territory.
Meanwhile, stocks in Asia-Pacific were mixed in Wednesday trade, with tech shares in the region monitored following overnight declines for the sector on Wall Street.
Hong Kong-listed shares of Chinese tech firms were among the hardest hit in Wednesday trade after China's State Administration for Market Regulation announced on Tuesday a set of draft guidelines aimed at curbing monopolistic behavior on internet platforms.
Europe earnings come from Continental, ABN AMRO, Taylor Wimpey and JD Wetherspoons; there are no major data releases Wednesday.
– CNBC's Maggie Fitzgerald and Eustance Huang contributed to this market report.
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