FX.co ★ European Markets Head for Higher Open

European stock markets anticipated a positive opening on Wednesday, buoyed by recent soft economic data from the US which bolstered expectations for a December interest rate cut by the Federal Reserve. Reports have indicated that Kevin Hassett, Director of the White House National Economic Council known for his dovish stance, is currently the frontrunner for the position of the next Fed chair. Across the Atlantic, the focus in Europe is on the forthcoming UK budget announcement. Finance Minister Rachel Reeves is expected to introduce significant tax hikes amounting to tens of billions of pounds. On the geopolitical front, Ukrainian President Volodymyr Zelenskiy expressed a willingness to advance a US-supported peace initiative aimed at ending the conflict with Russia. In pre-market movements, Euro Stoxx 50 futures climbed 0.7%, while Stoxx 600 futures increased by 0.5%.