European markets head for lower open as global tech stocks take a hit

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European stocks are expected to open lower Wednesday despite a positive backdrop on hopes of a forthcoming coronavirus vaccine.

European markets are bucking the positive trend seen earlier this week, following Pfizer and BioNTech's announcement that their Covid-19 vaccine was more than 90% effective in preventing the disease.

on Tuesday, amid this week's rotation out of technology stocks into cyclical names that hinge upon a recovering economy. Dow futures added 92 points. S&P 500 futures and Nasdaq 100 futures both traded in mildly positive territory.in Wednesday trade, with tech shares in the region monitored following overnight declines for the sector on Wall Street.

Hong Kong-listed shares of Chinese tech firms were among the hardest hit in Wednesday trade after China's State Administration for Market Regulation announced on Tuesday a set of draft guidelines aimed at curbing monopolistic behavior on internet platforms. Europe earnings come from Continental, ABN AMRO, Taylor Wimpey and JD Wetherspoons; there are no major data releases Wednesday.

 

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