European stock futures declined during the pre-market trading on Wednesday, as investors focus on the European Central Bank (ECB) rate announcement and the press conference from ECB President Mario Draghi.
The pan-European Euro Stoxx 50 futures lost 0.24% to 2,911.56 at the time of writing, while futures of the French CAC 40 fell 0.27% at 4,180.87. At the same time the German DAX edged 0.36% lower at 8,670.64, while the UK FTSE 100 declined 0.24%, standing at 6,408.68 at the time of writing.
The European Central Bank (ECB) is expected to announce its rate decision at 11:45am GMT, while ECB President Mario Draghi will be holding a press conference at 12:30pm.
The Spanish employment ministry will report the unemployment change in September at 7:00am GMT.
Meanwhile in Italy, the country’s Prime Minister Enrico Letta is expected to face a confidence vote on Wednesday, after leading ministers in the People of Liberty party (PDL) defied Silvio Berlusconi and said they would support the prime minister.
Silvio Berlusconi’s deputy and the secretary of the PDL party said, “I am firmly convinced that our party as a whole should vote confidence in Letta.”
In Germany, the German Bundes Bank is expected to hold an auction of 10-year government bonds.
European Stock Futures – US Shutdown
On Monday, the US faced their first government shutdown in 17 years after the government failed to agree on the federal budget by Monday midnight. The government shutdown could affect as many as 800,000 federal employees.
The Treasury announced procedures to avoid exceeding the borrowing limit, which will end on October 17. The US won’t have enough money to pay most of its bills between October 22 and October 31 without any action by Congress, according to reports from the Congressional Budget Office.
The current state of affairs is expected to cost an estimated $300 million a day, IHS confirmed.
The government is expected to continue discussing the country’s funding measure later in the day. A string of macroeconomic data’s are expected to be delayed if the shutdown continues.
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