European markets open lower; ECB members talk rate cuts at Davos

European stocks opened negatively on Tuesday as the focus remains on news and comments from the World Economic Forum in Davos. The Stoxx 600 index was down 0.4% at 9:20 a.m. London time, with banks leading the losses. The annual forum titled “Rebuilding Trust” will see global business and political leaders meet to discuss various economic and geopolitical matters. Asian-Pacific markets also fell, and US stock futures were lower as Wall Street awaits December retail sales data and bank earnings. Ocado saw its shares rise in morning trade after announcing year-on-year retail revenue growth. Cisco CEO highlighted the rising valuations of private companies. UK wage growth slowed down, and IMF expects interest rates to come down in the second half of the year. French central bank chief emphasized data-driven decisions, and the ECB has seen progress in eurozone inflation. Bank of America upgraded a wind energy stock, and Morgan Stanley picked global “alpha” opportunities for January. European markets are set to open negatively.