Market Data 
A look at the day ahead in European and global markets from Ankur Banerjee
A pinch of caution ahead of a U.S. inflation reading, a bit of exuberance in tech stocks following a comeback from Nvidia (NASDAQ:) and a dash of hawkish rhetoric from Fed officials – and voila! You get a listless market searching for direction.
Traders appear to be reticent in making major moves ahead of Friday’s always crucial release of the U.S. personal consumption expenditures price index – the Federal Reserve’s preferred measure of inflation. Economists polled by Reuters expect annual growth to ease to 2.6% in May, the slowest in over three years.
Until then, market participants are taking cues from Fedspeak and so far policymakers are preaching patience, underscoring that the Fed is in no hurry to cut interest rates and putting a lid on any rate-cut excitement.
Markets are pricing in just about two rate cuts this year with a cut in September priced in at around 67%, the CME FedWatch tool showed.
Futures indicate European bourses are set for a higher opening, likely buoyed by a rally in tech stocks after Nvidia surged more than 6%, snapping a three-session slide that erased about $430 billion from its market value.
With the economic calendar bare, markets may drift with quarter-end caution capping significant moves. Focus will also be on the euro as France gears up to vote this weekend.
Over in Asia, tech shares rose, with Taiwan stocks up 0.24% while the surged 1.45% to its highest since early April, though gains were not enough to keep broader markets in positive territory.
The yen vigil continued as the Japanese unit lurked just below 160 per dollar – a level that traders suspect could lead to another round of intervention after Tokyo spent some 9.8 trillion yen in late April and early May to support the currency.
In corporate news, focus will be on Deliveroo (OTC:) shares after Reuters reported that U.S. meal delivery group Doordash flagged an interest in a takeover of its British peer last month.
Key developments that could influence markets on Wednesday:
Economic events: French consumer confidence for June, Swedish PPI data for May
(By Ankur Banerjee; Editing by Christopher Cushing)
