U.S. stock index futures pointed to a higher open on Wednesday as traders focused on a batch of earnings and eyed the latest announcement from the Federal Reserve. A number of major companies scheduled to report before the bell while earning reports from conglomerates such as Facebook and MetLife are also due to be released after the market close. It is also important to note that the Federal Open Market Committee and the Board of Governors are scheduled to issue a statement on monetary policy at 19:00 p.m. GMT although there will be no press conference.
European Markets were higher this Wednesday as investors focused on corporate earnings. Specifically, Germany’s DAX added 0.9 percent, France’s CAC 40 added 1.2 percent while U.K.’s FTSE and the Euro Stoxx 50 added 0.6 percent respectively as of 12:20 GMT. In today’s E.U. markets, basic resources led the gains in mid-morning trade, up by 1.7 percent, after data showed an expansion in Chinese industrial production.
Auto stocks added more than 1.3 percent in mid-morning trade, boosted by strong earnings. Specifically, truck maker Volvo reported better-than-expected quarterly core earnings while also raising its forecast for European sales in 2017. Its shares were at the top of the European benchmark, up by more than 6 percent. In other corporate related news Volkswagen has agreed to pay at least $1.26 billion in compensation in the U.S. and could pay more than $4 billion if regulators don’t approve fixes to cars, Reuters reported based on court documents.