European stock markets are set to open higher on Thursday morning as investors eye new earnings reports and look ahead to more comments from U.S. Federal Reserve Chair Janet Yellen who will testify to Congress for a second day.
The DAX is set to gain 21 points to open at 12,648. The U.K.’s FTSE and France’s CAC are anticipated to open virtually flat, up 4 and 6 points respectively at 7,421 and 5,229. Meanwhile, Spain’s IBEX is expected to start Thursday trading up 18 points, opening at 10,578.
Shares of carmaker Daimler are seen lower by 3.5 percent after reports that it sold more than 1 million vehicles with excess emissions.
On the continent, German Chancellor Angela Merkel will travel to France to meet with her counterpart Emmanuel Macron. According to German business newspaper Handelsblatt, finance ministers of the two major European economies will present a plan to co-ordinate the countries’ corporate tax frameworks.
Meanwhile, Theresa May marks the first anniversary of her leadership as U.K. prime minister. A Brexit milestone will also be reached as Parliament will publish the Repeal Bill, the legislation required to remove the U.K. from the control of European Union law.
In earnings news, online fashion retailer ASOS and Premier Oil will publish second-quarter earnings. Elsewhere, France’s Alstom and Casino Group, as well as Norwegian Air, will also release new figures. French and German inflation rates for the month of June will be published this morning.
Stateside, U.S. Federal Reserve Chair Janet Yellen will testify for a second day on the institution’s monetary policy. On Wednesday, Yellen said the central bank is likely to start reducing its massive $4.5 trillion portfolio later this year but the speech was seen as mainly dovish by many market participants.
U.S. President Donald Trump said in an interview with the Christian Broadcasting Network Wednesday that he and Russian President Vladimir Putin “get along very, very well.” Trump also continued to back his son Donald Trump Junior amid allegations surrounding his involvement with Russia during last year’s presidential election campaign.
Europe to open higher after Yellen comments; Daimler seen down by 3.5%, Trump to visit France