European stock markets are set to open higher Wednesday, but gains could be restricted by Eurozone growth statistics.
German DAX futures were up 0.3% at 02:00 ET (06:00 GMT), French CAC 40 futures were up 0.4%, and UK FTSE 100 futures were up 0.2%.
Earnings that were better than expected have helped European stocks, but worries about the economy could slow the market down.
Read More: As UBS disappoints and the Fed meets, European stocks drop.
The final reading of Eurozone Q2 GDP is coming later in the afternoon. Even though early data showed that the economy was growing faster than expected, this could be the economy’s last hurrah because rising oil prices are making people less likely to spend money.
Earlier in the day, U.K. consumer prices grew 10.1% in the 12 months to July, more than the 9.8% predicted and a new 40-year high.
The Bank of England says that inflation will be 13.3% in October and that a deep and long recession is likely.
Uniper (ETR:UN01) is likely to be in the spotlight after the German energy company, which secured a 15 billion euro bailout last month, unveiled a net loss of more than 12 billion euros for the first half. It partly blamed lower Russian gas supplies that forced it to buy at much higher prices elsewhere.
Read More: European stocks go up a little bit, and HSBC’s earnings help the mood.
After a bigger-than-expected decline in U.S. crude stocks, oil prices surged Wednesday, rising from six-month lows.
Crude stocks declined by 448,000 barrels for the week ended Aug. 12, while gasoline inventories fell 4.5 million barrels.
Investors expect EIA data later in the session for confirmation.
Also important will be news about talks to revive the 2015 Iran nuclear deal. Iran and the U.S. are talking about a proposal from the European Union that could remove restrictions on Iran’s oil exports.
Read More: Futures on European stocks go down, and the U.S. CPI is in the spotlight.
U.S. crude futures jumped 1.3% to $87.61 a barrel by 02:00 ET, while Brent rose 1.1% to $93.38. Both contracts plummeted 3% on Tuesday, their third losing day, hitting their lowest levels since early February.
Gold futures increased 0.3% to $1,795.20/oz, and EUR/USD rose 0.1% to 1.0181.
