LIVE MARKETS-Europe before the bell: earnings get going

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EUROPE BEFORE THE BELL: EARNINGS GET GOING

European shares are set to fall at the open on Wednesday, catching up with a fall on Wall Street overnight that gathered pace after the European close, but more of the action was in single stocks with earnings season now up and running.

Euro Stoxx 50 futures STXEc1 were down 0.5%, with futures on Britain's more defensive FTSE FFIc1 down 0.15%.

The stand out earnings came from ASML ASML.AS, the world's biggest supplier of computer chip-making equipment, which warned it may not achieve growth in 2026, due to macroeconomic and geopolitical uncertainty, even after its second-quarter bookings beat market expectations.

Elsewhere, Swiss luxury group Richemont CFR.S said its quarterly sales rose 6%, as wealthy shoppers continued to buy jewellery from its Cartier and Van Cleef & Arpels labels, while Renault RENA.PA named finance chief Duncan Minto as interim CEO on Tuesday, and said it will step up cost cutting measures after lowering its forecast for full-year operating margins.

Macro economic-wise, sticky inflation is again starting to concern policy makers - at least outside continental Europe.

Wednesday data showed Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year, at 3.6% in June, up from 3.4% in May. On Tuesday, data showed U.S. consumer prices increased by the most in five months in June amid higher costs for some imported goods in particular, suggesting tariffs were starting to have an impact on inflation.

(Alun John)

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