LIVE MARKETS-Before the bell: European futures steady on Fed day
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BEFORE THE BELL: EUROPEAN FUTURES STEADY ON FED DAY
European shares were set to open slightly higher on Wednesday, rebounding from a more than 1% drop the day before as caution ahead of a widely anticipated Federal Reserve rate cut set in, weighing on banks and other top-performing sectors.
Euro STOXX and DAX futures both edged up by around 0.4%, and Wall Street futures were flat after Tuesday's lower close.
FTSE contracts added 0.2%, little moved by data showing UK inflation held at 3.8% in August, remaining the highest of any major advanced economy, one day before the Bank of England is expected to keep rates on hold.
In corporate news, Nestle NESN.S picked Inditex chief Pablo Isla as new chairman, accelerating a changing of the guard at the Swiss food giant after an unprecedented period of managerial turmoil. Its shares were up slightly pre-market.
Elsewhere, PostNL PTNL.AS unveiled a split of its parcels business under a new strategy, while AstraZeneca's AZN.L asthma drug Fasenra failed the main goal of a late-stage study in patients with chronic obstructive pulmonary disease.
(Danilo Masoni)
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