European stocks are set to open lower on Wednesday morning as investors look out for new earnings reports and economic data.

The FTSE 100 is seen down by 21 points at 7,508; the DAX is set to open lower by 26 points at 12,995 and the CAC 40 is expected to start the day lower by 6 points at 5,391.

The main market focus will be on earnings with Peugeot, Heineken, Fresnillo, Lloyds Banking, Metro Bank and Lufthansa among those reporting.

There will also be new data releases with Germany’s IFO Business Climate index out at 9 a.m. London time and the U.K. gross domestic product numbers out at 9:30 a.m. London time.

Investors will also keep an eye on the United States, where President Donald Trump has made some consultations on who should be the next chair of the U.S. Federal Reserve. Trump asked Senators for their opinion during a lunch meeting on Tuesday and Stanford economist John Taylor emerged as the winner.

In Asia, indexes made slight gains on Wednesday as the Australian dollar fell to its lowest levels in three months after inflation missed expectations.