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GLOBAL-MARKETS-European stocks fall as traders wait for tech earnings, Fed meeting
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GLOBAL-MARKETS-European stocks fall as traders wait for tech earnings, Fed meeting
Apr 29, 2026 3:32 AM

(Updates throughout after European market open)

* Microsoft ( MSFT ), Alphabet, Amazon ( AMZN ) and Meta earnings due

* Trump unhappy with latest proposal from Tehran

* Oil prices rise after reports US will extend blockade

By Elizabeth Howcroft

PARIS, April 29 (Reuters) - European stocks fell in

early trading on Wednesday as investors struggled to find

direction ahead of earnings from major U.S. technology firms and

the outcome of the Federal Reserve's latest policy meeting.

U.S. tech stocks slid in the previous session after a report

that artificial intelligence company OpenAI had missed internal

targets, raising broader concerns about the sustainability of

the AI boom. The Iran war also weighed on sentiment as oil

prices rose.

European indexes were mostly lower at 0918 GMT, with the

STOXX 600 down 0.3% and London's FTSE 100 down 0.6%

.

Earnings from Microsoft ( MSFT ), Alphabet, Amazon ( AMZN )

and Meta are due later in the session.

Shaniel Ramjee, co-head of multi-asset investments at Pictet

Asset Management, said investors would focus on capital

expenditure plans from so-called hyperscalers, which operate

vast data centres and AI infrastructure.

"What we saw yesterday, with OpenAI, was some questions

regarding the targets, and potentially does that impact some of

the spend. The market will be very carefully looking today at

what the hyperscalers say about not only how much they want to

spend, but where that money is coming from, how durable is

that," he said.

IRAN WAR, OIL PRICE

Two months into the Iran war, there are few signs of an end.

U.S. President Donald Trump said he was unhappy with Iran's

latest proposal, and the Wall Street Journal reported he had

told aides to prepare for an extended blockade of Iran's ports.

Oil prices rose more than 3%, with Brent hitting a one-month

high. Brent crude futures for June were last up 3.2% at

$114.82 a barrel, an eighth consecutive day of gains, while U.S.

West Texas Intermediate futures were up 3.5% at $103.42.

Analysts said the United Arab Emirates' decision to quit OPEC

was unlikely to have a major near-term impact on prices, though

it would weaken the oil producers' group. Russia said the move

would boost output and lower prices over time.

Attacks on Gulf countries have subsided since a ceasefire on

April 8.

FEDERAL RESERVE

Investors were also awaiting the outcome of the Fed's April

meeting, where policymakers are expected to keep rates

unchanged, while assessing the economic impact of the Iran war.

"Inflation is going to be under scrutiny with it having this

impact and to what extent the Fed wants to look through that

energy price increase," Pictet's Ramjee said.

The dollar index was 0.1% higher at 98.723, while the

euro was down 0.1% at $1.1701. The dollar has acted as a

safe-haven asset during the conflict, although it has fallen

this month from its late-March peak.

U.S. Treasury yields were little changed, with the 10-year yield

at 4.3576%. Euro zone government bond yields were at

their highest in weeks, as inflation worries persisted. The

European Central Bank is expected to leave rates unchanged on

Thursday.

Gold prices were down 0.6% at $4,556.27 an ounce,

having hit their lowest since April 2 in the previous session.

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