European stocks to open higher, with attention on Nvidia and PMIs.

Before the publication of important activity data and the widely anticipated quarterly earnings from chip producer Nvidia, European stock markets are anticipated to open higher on Wednesday.

When the August flash readings of the PMIs for the manufacturing and services sectors are released on Wednesday, European investors will be watching closely to see how the recovery in the area's economy is doing.

The PMIs for the Eurozone and the United Kingdom have been declining recently due to a stagnant service sector and a decline in manufacturing activity.

The figures released today may shed light on whether the European Central Bank will raise interest rates once again in September and whether the Bank of England decides to implement a significant rate rise considering that inflation is still very high.

Later in the afternoon, the eurozone is set to disclose data on consumer confidence for the month of August, and it is anticipated to indicate a little increase from very low levels.

In Europe, the earnings season is rapidly drawing to an end. On Wednesday, attention will likely be focused on Nvidia's results, which will be released after the Wall Street closing bell.

The most valuable chipmaker in the world, whose worth has tripled year-to-date because of the emergence of ChatGPT and other generative AI apps—nearly all of which are driven by its graphics processors—is at the epicenter of the AI craze throughout the world.

When an impressive projection caused Nvidia's stock to surge 24% in a single day in May, the market was taken back. The shares might take a sudden turn in either direction by the end of the week due to the year's excessive gains.

A further decline in U.S. crude stockpiles helped lift oil prices on Wednesday, but trading ranges are still narrow ahead of the Jackson Hole symposium at the end of the week.

According to information released on Tuesday by industry group API, crude stocks decreased by around 2.4 million barrels last week. This comes after the enormous withdrawal of 6.2 million barrels a week earlier, indicating that the overall supply situation is still precarious.

Later in the session, the EIA is supposed to submit its weekly report.

(Sources: investing.com, reuters.com)