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European Stocks Seen Flat-to-lower On Global Cues(Alliance News Via Acquire Media NewsEdge) VIENNA (Alliance News) - European stocks are seen opening flat to slightly lower on Wednesday after disappointing earnings news from companies and conflicting comments from Federal Reserve officials on the outlook for interest rates sent US stocks lower for the first time in three days overnight. Traders now wait to hear remarks by Fed Chair Janet Yellen, Kansas City Fed President Esther George and Minneapolis Fed President Narayana Kocherlakota as well as the minutes of the Fed's April policy meeting slated for release later in the day for further direction. Closer home, Eurozone current account as well as consumer sentiment data may influence trading sentiment in the European session. Asian stocks are broadly lower, with the regional benchmark index extending declines for the fourth day, as the continued decline in iron ore prices weighed on miners and the yen extended recent gains following the BoJ policy announcement. The central bank refrained from adding fresh stimulus, saying the economy is recovering moderately. Investors also digested a mixed bag of economic data, with Japan's trade deficit narrowing in April, helped by higher exports as well as lower oil imports, while an index measuring consumer confidence in Australia fell to its lowest level since August 2011 in May following the government's budget release last week. In domestic corporate news, Germany-based embedded computer technology firm Kontron AG said it has appointed Michael Boy, 52, as its new Chief Financial Officer, effective June 16. Netflix, Inc. has unveiled plans to significantly expand in Europe later this year, offering a wide-range of entertainment for a low monthly price in Germany, Austria, Switzerland, France, Belgium and Luxembourg. European stocks retreated on Tuesday after British retailer Marks & Spencer and mobile phone giant Vodafone both gave disappointing forecasts. The German DAX slid 0.2%, France's CAC 40 shed 0.4% and the UK's FTSE 100 dropped 0.6%. US stocks fell for the first time in three days on Tuesday after retailers such as Staples, Dick's Sporting Goods and Home Depot reported disappointing quarterly results and Philadelphia Federal Reserve President Charles Plosser indicated rate hikes might come sooner rather than later as inflation moves closer to the 2% target and the labor market improves. The Dow fell 0.8%, while the tech-heavy Nasdaq and the S&P 500 dropped about 0.7% each. Copyright RTT News/dpa-AFX |