- Following mixed company profits and as investors analysed the latest assessment of the US economy for indications on the course of interest rates, US equity futures fell alongside European stocks.
- Contracts on the S&P 500 declined 0.7%, while those on the NASDAQ 100 fell more than 1%. Tesla fell as much as 8.5% in premarket trade after the electric-vehicle company predicted additional price reduction despite first-quarter profit margins shrinking. Apple fell after its primary chipmaker warned that demand from the mobile and PC industries would remain "soft" for the time being.
- The Federal Reserve's monthly Beige Book study, issued on Wednesday, revealed that the US economy had "stalled," with less credit available. According to Federal Reserve Bank of New York President Williams, the current trend of reducing inflation continues, but price increases remain excessive. Traders are still betting on a rate hike next month.
- EU parliament approves first bloc-wide crypto regulation.
- ECB's Knot: The ECB may have to hike rates again in June and July.
- UBS expects one more 25 BPS rate hike in May from the BoE, lifting the bank rate to 4.5%.
