FX.co ★ European Stocks Set for Lower Open

European equities were set to open on a softer note on Wednesday, influenced by Wall Street's downturn following a cautious statement from Federal Reserve Chair Jerome Powell. Powell highlighted the uncertainty surrounding future rate cuts as the Fed strives to balance inflation control against growing labor market concerns, while also warning about possibly inflated market valuations. In Europe, attention will shift to the Ifo Business Climate survey from Germany, providing a barometer for the economic health of the region's largest economy. During premarket trading, futures for the Euro Stoxx 50 and Stoxx 600 declined by approximately 0.4%.