Danish healthcare company Demant fell to the bottom of the Stoxx 600, down 14%, after it posted a pre-announcement of third-quarter results. — Karen Gilchrist

US stocks open lower ahead of the Fed meeting

US stocks moved lower on Wednesday ahead of the Federal Reserve’s latest interest rate decision. The Dow Jones Industrial Average fell 0.3% in early deals while the S&P 500 was 0.4% lower. The Nasdaq Composite was also lower by 0.45%. The Fed is expected to announce a rate hike of 0.75 percentage points at the conclusion of its policy meeting on Wednesday. — Karen Gilchrist

Stocks in motion: Maersk down 7%, Vestas up 7%

Danish hearing healthcare company Demant fell more than 12% in early afternoon to the bottom of the Stoxx 600 after its preliminary third-quarter earnings report. Maersk, the world’s biggest container shipping company, saw its shares fall more than 7 percent after it posted a record third-quarter profit on higher ocean freight rates but saw demand slow. At the top of Europe’s blue chip index, Vestas shares jumped more than 7 percent after the Danish wind turbine company’s earnings call helped ease market concerns about its earlier report. – Elliott Smith

Spanish manufacturing shrinks sharply in October

Spanish factory activity shrank sharply in October, the fourth consecutive month of contraction, as high inflation caused a plunge in output and new orders. The S&P Global Manufacturing PMI fell to 44.7, its lowest level since May 2020, from 49.0 in September. Any reading below 50 represents a contraction. – Elliott Smith

World’s largest container ship Maersk, a barometer for global trade, warns of ‘dark clouds on the horizon’

Maersk, the world’s biggest container shipping company, on Wednesday posted a record third-quarter profit on high sea freight rates but saw demand slow. The Danish giant, widely seen as a barometer for global trade, reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $10.9 billion for the quarter, above analysts’ consensus forecasts of $9.8 billion and up from about 60% from the same period. a year ago. Chief executive Søren Skou said the “outstanding results” this year were due to the continued rise in sea freight rates, but said it was clear they had peaked and warned of “dark clouds on the horizon”. Read the full story here. – Elliott Smith

Stocks in motion: Straumann up 4%, demand down 11%

Corporate earnings remain a key driver of individual stock price action in Europe. Danish hearing healthcare company Demant fell more than 11% in early trading at the bottom of the Stoxx 600 after reporting preliminary third-quarter earnings. At the top of the index, Swiss dental equipment company Straumann gained 4% after its quarterly results.

Bank of England prepares biggest rate hike in 33 years, but economists expect tilt

The Bank of England is expected to raise interest rates by 75 basis points on Thursday, its biggest increase since 1989. Vuk Valcic | SOPA Images | LightRocket | Getty Images

Oil futures rise after industry report on falling US crude inventories

Oil futures rose on Wednesday after industry reports showed U.S. crude inventories fell in the past week, Reuters reported, citing data from the American Petroleum Institute on Tuesday. Brent crude futures were up $1.31, or 1.46%, at $95.87 a barrel, while U.S. West Texas Intermediate was up 1.28% at $89.67 a barrel. — Lee Ying Shan

CNBC Pro: Buy this automaker to tackle huge US demand, says fund manager

There is huge demand for cars in both the US and China right now, according to fund manager Steven Glass. He named an auto stock to cash in on, which he said has a “very well-managed” balance sheet and a price-to-earnings ratio at a 20-year low.
Professional subscribers can read more here. — Zavier Ong

The Fed’s pivot is too far, says New York Life’s Goodwin

Investors may be a little too excited about potential changes from the Federal Reserve, according to Lauren Goodwin, economist and portfolio strategist at New York Life Investments. Goodwin said in a note that she expected the Fed to hike by 0.75 of a percentage point on Wednesday and by half a point in December, but that the slowdown should not be seen as the start of a major shift by the central bank. “A Fed pause is not the same as a pivot. Certainly, worsening economic and credit conditions could prompt the Fed to moderate its pivot at some point, but a full pivot into accommodative territory is highly unlikely next year,” Goodwin said in a Note. Goodwin pointed out that the first rate hikes should now begin to show their impact on the broader economy, rather than just housing. However, the Fed will need several months of data to go before changing course. “At this point, with inflation surprising as much as it already is, the Fed will want to see clear signs of a reversal in wage growth before changing. Recession should be seen as a base, not a risk,” Goodwin said. — Jesse Pound

CNBC Pro: Goldman’s Currie reveals ‘best’ hedge against inflation, rate hikes and geopolitical risks

Goldman’s Jeff Currie says there is one investment that can protect investors from rising interest rates, inflation and geopolitical risk. Currie, head of global commodities research at Goldman Sachs, said it has upside potential of 20-30% in the near term, with additional upside risks to the price target. CNBC Pro subscribers can read more here. — Ganesh Rao

European markets: Here are the opening invitations

European markets are eyeing a positive start to trading on Wednesday as investors brace for the latest monetary policy decision from the US Federal Reserve. Many analysts expect the meeting to lead to a rate hike of 75 basis points. Investors will also be watching the central bank’s statement and Fed Chairman Jerome Powell’s press conference for signs of a slowdown in the pace of tightening. London’s FTSE is expected to open 21 points higher at 7,115, Germany’s DAX 84 points at 13,422, France’s CAC 36 points at 6,364 and Italy’s FTSE MIB up 119 points at 22,771, according to IG data. Profits will come from Next, Aston Martin Lagonda, GSK, Metro and Maersk. German unemployment data for October will also be released. — Holly Elliott