JAKARTA – Major stock markets across Europe slipped slightly on Wednesday (28/5), as investors digested regional economic data and awaited the outcome of trade talks between the European Union and the United States.

Germany’s DAX index fell 0.3% after reaching a record high close in the previous session, while France’s CAC 40 declined 0.1% and the UK’s FTSE 100 remained flat.

Official data from INSEE confirmed that the French economy grew by just 0.1% in the first quarter, in line with initial estimates.

Meanwhile, pressure mounted from the German labour market. The country’s Federal Labour Agency reported that the number of unemployed rose by 34,000 in May to a seasonally adjusted 2.96 million, approaching the 3 million mark for the first time in a decade.

Investor anxiety increased ahead of the European Central Bank’s (ECB) policy meeting on 5 June.

Markets expect a cut to the deposit facility rate to 2.00% from 2.25%, which would mark the eighth consecutive rate reduction.

Another key focus was the upcoming EU-US trade talks. US President Donald Trump reportedly delayed the imposition of tariffs on EU imports, a move welcomed by markets.

Global attention also turned to the earnings report of AI chipmaker Nvidia, due after the US market close later tonight.

In commodities, crude oil prices edged higher, supported by market concerns over potential new sanctions on Russia that could disrupt global supply.

Brent crude rose 0.3% to USD 63.77 per barrel, while US WTI crude gained 0.4% to USD 61.12 per barrel as of 5:05 AM ET.

The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is reportedly considering a fresh output hike during a key meeting later this weekend. OPEC+ had already started easing production curbs with increased supply since May.

Elsewhere, President Trump’s sharp remarks that Russian President Vladimir Putin is “playing with fire”, and threats of further US sanctions, deepened market concerns about potential disruptions to Russian energy supplies.

The American Petroleum Institute’s weekly inventory report is also awaited, though it has been delayed due to the US Memorial Day holiday. (EF/ZH)