European stocks to open lower as UAE OPEC exit complicates oil supply outlook
European stocks are set to open lower amid investor concerns over the UAE's planned exit from OPEC, which adds uncertainty to global oil supply, while markets also react to weak signals from OpenAI. The FTSE 100, CAC 40, and FTSE MIB are expected to decline slightly, while the DAX remains flat. Asian markets also fell overnight, reflecting broader risk-off sentiment. The UAE's departure on May 1 disrupts OPEC's coordination of oil production among major Middle Eastern suppliers.
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LONDON — European stocks are expected to open broadly lower on Wednesday as investors await earnings reports and react to the United Arab Emirates' shock exit from the OPEC oil cartel. The U.K.'s FTSE 100 index is seen opening 0.15% lower, Germany's DAX flat, France's CAC 40 down 0.14% and Italy's FTSE MIB down 0.37%, according to data from IG.European bourses look set to follow their Asia-Pacific counterparts lower at the open, with global markets trading in negative territory after the latest upheaval to hit oil producing group OPEC, as well as a report that pointed to weakness in OpenAI.OPEC is in the spotlight after the UAE announced on Tuesday that it will exit the oil-producing cartel on May 1 in a major blow to the group that coordinates production among the world's largest oil…
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