European markets, after rating agency Moody’s downgraded China, opened lower extending losses from Asian session. Chinese credit rating for the world’s second largest economy has been downgraded to A1 from AA3 with change in outlook from stable to negavie.

DAX started on Wednesday morning with 0.25 percent decline compared to yesterdays close, now trading at 12,628. FTSE 100 is now inching lower by 0.11 percent and Euro Stoxx 50 is down by 0.23 percent.

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DAX among other European bourses extends losses in Asian session od Moody’s credit rating downgrade with change in outlook from stable to negative. source: Bloomberg

Asian indices on the news of a downgrade Chinese economy, slipped lower with Hang Seng closing red, down by 0.26 percent.

The worst performer among DAX is no Daimler AG (DAI.DE) losing now over one percent on the suspicion of fraud and criminal advertising. All this relates to the possible manipulation of exhaust-gas aftertreatment in passenger cars with diesel engines. Daimler AG offices has been searched on several locations in Germany in connection with preliminary investigations of known and unknown employees of Daimler AG.

On the corporate earnings, Glencore (GLEN.UK) and Marks and Spencer (MKS.UK) will be reporting their latest figures.

Today, investors are waiting of US Crude Oil Inventories scheduled at 3:00pm with expected decline in inventories by 2.4 million barels, after API report showing a lower levels of petroleum products. 

Probably the most important release today will be FOMC minutes at 7:00pm, before June widely expected rate hike, investors will listen carefully every news regarding US economy outlook.

Investors’s focus today will be at US lawmakers, where next budget plans will be released. Yesterday, Donald Trump, asked to find cuts of 3.6 billion dollars in health care and food assistance programs for the poor. Today, President Donald Trump, is traveling to Vatican.