13.05.202606:27:25UTC+00European Stocks Set for Higher Open

European equity markets were set for a stronger open on Wednesday, recovering from the previous session’s losses as investors turned their attention to a fresh wave of corporate earnings. Companies scheduled to report include Allianz, E.ON, Merck, Porsche, and RWE.

In corporate news, German industrial heavyweight Siemens announced a new €6 billion share buyback program to be carried out over the next five years, following the release of first-quarter profits of €2.03 billion.

On the macroeconomic front, investors will be watching Eurozone GDP, employment, and industrial production data for further insight into the region’s economic outlook. Market participants also continued to track developments in the Middle East, where diplomatic efforts to end the US–Iran war have made limited headway, while hotter-than-expected US inflation figures have reinforced concerns about a more restrictive Federal Reserve policy stance.

In premarket trading, Euro Stoxx 50 futures rose 0.9%, while Stoxx 600 futures were up 0.7%.