European markets head for negative open, shrugging off China-U.S. trade talks progress

Zara owner Inditex on Wednesday posted weaker-than-expected quarterly sales portion flagging a slower commencement to the summertime play than past twelvemonth amid broader economical uncertainty.

The Spanish retailer reported revenues of 8.27 cardinal euros ($9.44 billion) successful the fiscal archetypal quarter covering Feb. 1 to April 30, somewhat shy of the 8.39 cardinal euros forecast by LSEG analysts.

Net income came successful astatine 1.3 cardinal euros for the quarter, compared to the 1.32 cardinal euros analysts estimated.

— Karen Gilchrist

The U.S. and China person reached an statement connected trade, representatives from some sides said aft a 2nd time of high-level talks successful London, with the woody present awaiting a motion from the leaders of the 2 countries.

"We person reached a model to instrumentality the Geneva statement and the telephone betwixt the 2 presidents," U.S. Commerce Secretary Howard Lutnick told reporters.

Chinese restrictions connected rare-earth exports to the U.S. are a "fundamental part" of the latest statement and the U.S. expects the contented "will beryllium resolved successful this model implementation," Lutnick said.

He indicated U.S. restrictions connected income of precocious tech to China successful caller weeks would beryllium rolled backmost arsenic Beijing approves rare-earth exports.

Read the afloat communicative here.

— Evelyn Cheng

Good greeting from London, invited to CNBC's unrecorded blog covering European fiscal marketplace enactment arsenic good arsenic the latest determination and planetary concern news, information and earnings.

Futures information from IG suggests London's FTSE will unfastened 14 points little astatine 8,852, Germany's DAX down 105 points astatine 23,925, France's CAC 40 down 9 points astatine 7,788 and Italy's FTSE MIB 95 points little astatine 40,082.

Global markets are having a mixed absorption to quality that U.S. and Chinese officials reached a tentative statement connected trade after a 2nd time of talks successful London. The negotiators volition present question support connected the model from the U.S. and Chinese presidents.

Asia-Pacific markets climbed overnight connected the evident breakthrough, but U.S. banal futures inched lower, with investors besides looking up to May ostentation data.

— Holly Ellyatt

Global markets volition beryllium keeping a adjacent oculus connected the latest U.S. ostentation study for May.

Economists polled by Dow Jones expect a 0.2% month-over-month increase, portion the header user terms scale is anticipated to person grown 2.4% connected an yearly basis. Hotter-than-expected information could spook investors who are already connected borderline implicit inflationary pressures and the trajectory of Federal Reserve complaint cuts.

Traders volition beryllium keeping an oculus connected the Nvidia keynote code astatine the VivaTech league successful Paris connected Wednesday, arsenic good arsenic Goldman Sachs' yearly European Financials Conference.

Meanwhile, U.K. investors volition beryllium looking retired for the government's "Spending Review," successful which it sets out day-to-day spending and concern plans for each authorities departments. 

Earnings are acceptable to travel from retail elephantine Inditex.

— Holly Ellyatt