European markets open mixed ahead of Fed decision

LONDON – European markets will open in mixed territory on Wednesday as investors await the latest monetary policy decision from the US Federal Reserve.

Britain’s FTSE is expected to open 16 points at 7,322, Germany’s DAX is 47 points higher at 13,144, France’s CAC is expected to open 9 points lower at 6,203, and Italy’s FTSE MIB is up 68 points at 21,228, according to data from IG.

Global investors today focused on the Fed’s upcoming monetary policy decision, which is expected to be announced on Wednesday after a two-day meeting. The market is anticipating a 75 basis point increase in interest rates for the second time in a row.

Like many central banks around the world, the Fed is acting aggressively to contain inflation amid slowing economic activity.

Concern for the global economy deepens Tuesday after the International Monetary Fund cut its global growth forecasts for 2022 and 2023said that the world economic outlook is “more murky and uncertain.”

The IMF now expects the global economy to grow 3.2% this year, before slowing further to 2.9% of GDP in 2023. The revisions mark declines of 0, respectively. 4 and 0.7 percentage points from the April forecast.

It’s been a busy day for earnings in Europe with Credit Suisse and Deutsche Bank reported as well as Daimler, Danone, Carrefour and Airbus.

Released data includes GfK consumer sentiment in August, French consumer confidence in July and Russian employment rate in June.

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