European Stocks Decline

European stocks fell on Wednesday, with earnings reports and traders waiting for the United States to agree its latest stimulus package.

At 07:55 GMT, the German DAX edged up 0.5%, the FTSE gained 0.6%, and the French CAC added 1%.

A day after European leaders signed the historic € 750 billion recovery package to revive Covid-19 pandemic-affected economies and the bloc’s budget for the next seven years, worth $ 1.1 trillion, the focus is now shifting to the ratification process.

Elsewhere, oil prices rebounded after the increase in crude oil stocks in the United States, indicating a decline in demand from the world’s largest oil consumer.

The American Petroleum Institute reported late on Tuesday that American stocks rose last week by 7.5 million barrels, when expectations were for a small draw.

At 3:55 AM ET, US crude futures traded 0.7% lower at $ 41.61 a barrel, while the benchmark Brent International Index fell 0.5% to $ 44.08.

Gold futures rose 0.5% to $ 1,853.55 an ounce, while EUR/USD traded at 1.1517, down 0.1% on the day.