European markets set for muted open as investors react to earnings, Fed decision

Volkswagen upped its profit margin target for the second time in less than three months on the back of record earnings in the first half of the year, with Europe's largest carmaker now exceeding pre-pandemic levels. A consortium led by Volkswagen will also launch a 2.9 billion euro tender offer for French car rental firm Europcar, the company announced Wednesday.

In other news, England has scrapped quarantine requirements for fully-vaccinated EU and U.S. visitors after August 2, offering a boost to European travel and airline stocks. France has been excluded, to the ire of Paris. On the data front, a July euro zone business climate survey is due at 10 a.m. London time along with economic, industrial and services sentiment readings and final consumer confidence and inflation expectations.

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