European equity markets were poised to open lower on Thursday, as persistently high bond yields continued to pressure stocks. This came despite softer-than-expected US PCE inflation data, which tempered expectations of a Federal Reserve rate hike this month. Oil prices also slipped, reflecting signs of improving energy supplies from the Middle East, even as US-Iran negotiations remained at an impasse.
On the corporate front, Micron Technology delivered an optimistic revenue outlook for the current quarter, pointing to sustained demand for AI-related memory chips. In Europe, investors will focus on a slate of manufacturing PMI releases for the Eurozone, Germany, France, Italy and Spain, as well as regional and Italian unemployment data. No major corporate earnings are due for release on Thursday. In premarket action, futures on both the Euro Stoxx 50 and the Stoxx 600 were down about 0.3%.
