The European stock market traded flat at market open on Wednesday as investors focus on the outcome of the Federal Reserve’s two-day meeting, with possible hints on when the central bank would begin to scale back its bond-buying program.
Futures of the European Euro Stoxx 50 dropped to 0.09% lower at 2,758.50, while the German DAX futures declined 0.21% at 8,260.80. The French CAC 40 futures were seen 0.14% lower, as the UK FTSE futures fell 0.10% to 6,529.30.
A statement from the two-day policy meeting is expected to be released by the Federal Reserve (Fed) later this afternoon.
The US growth data and private job reports are also expected to be released later this afternoon. The report is expected to show a growth of 1% in the US economy and an 180,000 addition of new jobs in the month of July in the private job reports.
The expected US non-farm payroll report is expected to show an increase of jobs in the month of July by 185,000, while the unemployment rate is expected to show a slight drop from previous record of 7.6% to 7.5%.
In Germany, the Federal statistical office reported the retails sales had an unexpected fall in the month of June, as sales dropped 1.5% on a monthly basis. While the German unemployment data for July is expected to remain unchanged after unemployment dropped by an adjusted 12,000 in the month of June.
Italy’s Consumer price index (CPI) preliminary report for the month of July , is expected to be released as well , with expectations of an increase in prices by 0.3% on a monthly basis and edged up by 1.4% on a yearly basis .
Spain’s retail sales dropped 4.7% in the month of June on a yearly basis after a 4.6% drop in the month of May.
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