European Shares Likely To Open On Steady Note

European stocks are likely to open higher on Wednesday after regulators blamed the role of social media and Silicon Valley Bank management for its collapse and insisted the collapse was not so much a failure of regulation.

Asian stocks traded mixed, with Hong Kong markets leading regional gains after
e-commerce giant Alibaba announced a plan to break up the company.

The gains, if any, remained capped by an overnight bounce in U.S. Treasury yields.

A report on U.S. pending home sales may attract some attention later today, though trading activity may remain somewhat subdued ahead of Friday’s report on personal income and spending for February, which includes a reading on inflation said to be preferred by the Federal Reserve.

Close home, Germany March CPI data and Euro zone March business/consumer sentiment figures are due later in the day.

The dollar traded firm but held close to 2023 lows amid easing fears about contagion among banks and on bets of less hawkish Fed.

Gold edged lower while oil extended gains for a third consecutive session on supply concerns after a halt to some exports from Iraqi Kurdistan.

U.S. stocks ended Tuesday’s lackluster session lower as tech losses came under selling pressure for a second day running, taking cues from rising bond yields.
Banks also fell as three top regulators favored more stringent rules for banks with more than $100 billion in assets.

The tech-heavy Nasdaq Composite shed half a percent, the Dow slipped 0.1 percent and the S&P 500 eased 0.2 percent.

European stocks ended largely flat on Tuesday, giving up initial gains. The pan European STOXX 600 ended little changed with a negative bias.

The German DAX finished marginally higher, France’s CAC 40 inched up 0.1 percent and the U.K.’s FTSE 100 gained 0.2 percent.

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