European Shares Seen Opening Up As Investors Await Nvidia Earnings

(RTTNews) - European stocks are likely to open on a steady note Wednesday as investors await highly anticipated earnings results from AI chip leader Nvidia, set for release after the U.S. closing bell.

In economic releases, the minutes of the Fed's April 30-May 1 meeting as well as a report on U.S. existing home sales may garner some attention.

The minutes may shed additional light on Fed officials' thinking with regard to the outlook for rates.

Fed governor Chris Waller said Tuesday that a continued softening in data over the next three to five months would allow the U.S. central bank to cut interest rates at the end of this year.

Closer home, U.K. inflation figures are due and economists expect a sharp fall in the April print, driven by lower household energy costs.

Asian markets were seeing muted gains, with Japanese stocks retreating after data showed Japan's trade deficit in April grew nearly 8 percent from a year earlier.

The dollar consolidated and Treasury yields dipped while gold was marginally higher.

Gold dipped toward $2,400 per ounce as the dollar held ground. Oil prices fell about 1 percent in Asian trading, extending losses from the previous session after the American Petroleum Institute reported a rise in both crude and gasoline stocks.

U.S. stocks eked out modest gains overnight as investors digested remarks from Federal Reserve officials and awaited Nvidia's earnings report.

The three major averages rose between 0.2 percent and 0.3 percent, with the S&P 500 and the tech-heavy Nasdaq Composite reaching new record closing highs.

European stocks closed lower on Tuesday after Fed officials cautioned on inflation and interest rate cuts.

The pan European STOXX 600 dipped 0.2 percent. The German DAX eased 0.2 percent, France's CAC 40 shed 0.7 percent and the U.K.'s FTSE 100 finished marginally lower.