European equities were little changed early Wednesday as traders held fire ahead of Nvidia’s quarterly results, a print seen as pivotal for sentiment around the AI trade.

• 08:05 GMT: DAX +0.1% | CAC 40 –0.1% | FTSE 100 flat

Nvidia in the spotlight

The semiconductor bellwether—up roughly 10x since late-2022 on AI enthusiasm—reports after the U.S. close. With the stock now a $5T+ market cap emblem for AI-driven capex, guidance on data-center demand and supply constraints will be the primary market driver into week-end.

Stock movers

• Smiths Group (SMIN): Announces a fresh £1bn buyback to follow the current £500m program; Q1 trading steady.
• Jet2 (JET2): Delivers record interim results across passengers, revenue, and profits despite late booking patterns.
• Sage Group (SGE): Strong FY results; reiterates AI- and cloud-led strategy positioning for growth.

Macro: UK inflation cools; eurozone next

• UK CPI (Oct): 3.6% y/y (from 3.8%), nudging the BoE closer to a December cut after a 5–4 hold at the last meeting. Market focus turns to Chancellor Rachel Reeves’ Nov 26 Budget for any growth/inflation implications.
• Eurozone CPI (Oct): Due later; consensus +0.2% m/m, +2.1% y/y, essentially at the ECB’s target, supporting the “rates on hold” narrative.

Commodities: Crude eases on inventory build

Oil drifted lower after API data signaled a U.S. stock build, reviving surplus concerns: Brent –0.6% to $64.48, WTI –0.6% to $60.30. API estimates: crude +4.45m bbl, gasoline +1.55m, distillates +0.58m for the week to Nov. 14.

Big picture

With valuations stretched across AI leaders, Nvidia’s outlook will likely set the tone for global equities near-term. Softer UK inflation and a disinflationary eurozone backdrop offer a modest cushion, but oil’s dip underscores lingering growth and supply-demand uncertainties.