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EUROPE BEFORE THE BELL: DRUGS, FED, UKRAINE CHINA, BUDGET
European shares are set to jump at the open with dip-buyers out in force around the world, justifying their stance by pointing to increasing bets on a Federal Reserve rate cut next month.
Euro STOXX 50 futures are 0.7% higher STXEc1 after the euro zone blue chip index rose 0.8% on Tuesday. .STOXX50E The S&P 500 rose 0.9% overnight, .SPX while Asia stocks are also higher. .MIAPJ0000PUS
Market pricing now reflects around a 75% chance the Fed cuts rates at its December meeting. 0#USDIRPR
Back in Europe we've got Britain's budget -- everything that's possible to say in advance of the announcement has been said seven times already, so we are just going to say it's happening -- and eyes will remain on talks around ending the war in Ukraine.
In terms of company news, drugmakers will be in focus after the U.S. slashed 36% off Medicare spending on 15 high-priced medicines, while Aroundtown AT1.DE, one of Germany's largest listed landlords, reported a nine-month profit of 882.3 million euros ($1.0 billion), as it continues to recover from the country's worst property crisis in decades.
There are also a couple of stories about Chinese investment in Europe out this morning.
The President of China's Great Wall Motor International told Reuters the company is targeting annual production of 300,000 vehicles by 2029 in Europe where it is scouting locations for its first car plant, while China's CATL will start building Spain's largest battery factory on Wednesday.
(Alun John)
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