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European Stock Futures Slip; Credit Suisse Posts Huge Loss Ahead of ECB Meeting
European stock markets are expected to open lower Thursday, with investors focused on a hefty quarterly loss by Credit Suisse ahead of a key policy-setting meeting by the European Central Bank. It also announced plans to raise 4 billion Swiss francs of fresh capital through the issuance of new shares to qualified investors and through a rights offering. Away from corporate news, the ECB is widely expected to deliver its second 75 basis-point rate hike later in the session, as it tries to curb Eurozone inflation running at nearly 10% versus its 2% target. Instead, the focus was on U.S. crude exports surging to a record-high 5.1 million barrels a day, suggesting resilience in global demand despite rising inflation and interest rates. By 02:00 ET, U.S. crude futures traded 0.1% higher at $87.98 a barrel, while the Brent contract rose 0.1% to $93.84. The contracts posted gains of around 3% in the previous session. Source: Investing.com #EuropeanStock
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