Wall Street set to open lower ahead of earnings

European stocks were mixed on Tuesday and U.S. futures pointed to a lower open for Wall Street, as investor hopes that the Federal Reserve could slow down its rate increases gave way to a more cautious tone ahead of U.S. company earnings.

Asian equities struggled to make gains due to uncertainty over whether President Xi Jinping's new leadership team would prioritise economic growth in China, where the onshore yuan finished the domestic session with its weakest close since late 2007 . European stock indexes opened higher but struggled to hold onto gains, with the STOXX 600 up 0.1% at 1100 GMT (.STOXX).

The MSCI world equity index, which tracks shares in 47 countries, was flat on the day (.MIWD00000PUS) and MSCI's main European Index (.MSER) was up 0.2%, having retreated from a 5-week high earlier in the session (.MSER).

Some better-than-expected earnings results also supported European stock market sentiment, with Swiss bank UBS (UBSG.S) among those beating market expectations. But Europe's largest bank, HSBC, reported a 42% slump in third quarter profit, prompting a 7% fall in its shares (.HSBA.L) and dragging the FTSE 100 as a whole down to -0.8% on the day (.FTSE).

Tech giants Alphabet and Microsoft report earnings later in the session.

After a two-day bounce on Wall Street, U.S. stock futures were in the red, with Nasdaq e-minis down 0.1% and S&P 500 e-minis down 0.3% .

The euro slipped 0.2% at $0.98575 . The European Central Bank meets on Thursday and is set to raise rates by 75 basis points.

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