European stocks open lower as global markets see declines; UK inflation falls markedly

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European markets opened lower Wednesday as global market sentiment takes a turn for the worse.

was up 0.8% at the open after the latest U.K. data showed the inflation rate dropped sharply to 1.7% in September, according to the Office for National Statistics. The steep fall from the 2.2% print seen in August adds to expectations that the Bank of England will cut rates in November.U.S. stock futures were calm Tuesday evening as Wall Street looked to see whether equities can be rebound to record highs this week; the S&P 500 and Dow hit all-time highs Monday.

ASML, which is based in Veldhoven, Netherlands, said it expects net sales for 2025 to come in between 30 billion euros and 35 billion euros , at the lower half of the range it had previously provided. Net bookings for the September quarter were 2.6 billion euros , the company said — well below the 5.6 billion euro LSEG consensus estimate. Net sales, however, beat expectations coming in at 7.5 billion euros.Shoppers walk along the high street in Rochester, UK, on Tuesday, July 16, 2024.

Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said Wednesday. Economists polled by Reuters had expected the headline rate to come in at a higher 1.9% for the month, in the first dip of the print below the Bank of England's 2% target since April 2021.Citi has named a little-known company as one of its its new"Top Pick," citing an"underappreciated" artificial intelligence story and attractive valuation.Nine out of the top 10 stocks with the most negative point impact on the Nasdaq 100 were chip names.

 

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