European Stocks to Open Higher After Selloff

CNBC.com and Reuters
Thursday, 19 May 2011 | 2:04 AM ET

European stocks were indicated to open stronger Wednesday after Tuesday's selloff, as Asian shares shrugged off a mixed US close.

Oil prices rebounded ahead of the release of US inventory data later in the day, while gold prices were steady as fears over the euro zone's debt supported investors' appetite for the precious metal.

The euro was steady, but debt worries persisted.

Stocks hit a four-week closing low on Tuesday, as disappointing economic numbers hurt sentiment, while a cut in outlook by the world's top technology company, Hewlett-Packard , pressured tech shares.

The UK releases April unemployment figures on Wednesday while Spain releases final gross domestic product data for the first quarter of 2011.

Steve Sedgwick
Steve Sedgwick reviews yesterday's markets and European opening calls. "US markets had a fascinating session with low volumes but we did see gains, the first gains in the Dow for 4 sessions."

UK April consumer confidence data is also on Wednesday's agenda. Inflation in Britain hit a two-and-a-half-year high Tuesday on the back of higher food and energy prices.

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