Premarket: Stocks test footing ahead of U.S. inflation data, Fed meeting

European assets tried to find some footing on Tuesday, a day after the announcement of a snap election in France had driven them lower, while investor attention began to turn to the double whammy of U.S. inflation data and a Federal Reserve meeting on Wednesday.

The far-right National Rally was forecast on Monday to win a snap election in France but fall short of an absolute majority in the first opinion poll published after President Emmanuel Macron’s shock decision to dissolve parliament. While this is unwelcome news for Prime Minister Rishi Sunak ahead of a July 4 election, it could enable the Bank of England to cut interest rates in August. Next week’s inflation data will offer a better guide however.

The biggest scheduled economic developments of the week are due on Wednesday, with U.S. consumer price inflation and the Federal Reserve policy decision.

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