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Negative momentum expected to continue in European markets, with more earnings ahead

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European markets are heading for a negative open, continuing negative momentum since the start of the week.

It's another busy day of earnings ahead, with Commerzbank, Credit Agricole, Marks and Spencer, Telefonica and ABN Amro all reporting Wednesday. On the data front, euro zone retail sales for September are due.edged lower, extending declines from the previous session, while Japanese blue-chip stocks stayed afloat after a positive business sentiment survey.

The tech theme has been reigning supreme this year and one segment in particular stands out to Morgan Stanley: the memory sector.Calling it"the gift that keeps on giving," the investment bank notes that the sector's"pricing power is now among the best in tech, and still in early recovery stage."

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