European stocks look set for a tepid start as traders await a European Central Bank monetary policy decision.
A Chinese share rally fizzled after a press briefing on the property market failed to deliver major stimulus. Euro Stoxx 50 futures were little changed, while US equity contracts fell in Asian trading.
China’s CSI 300 erased a rally of as much as 1.3% after officials said the government will expand a program to support “white list” projects to 4 trillion yuan ($562 billion) from about 2.23 trillion yuan already deployed.
The negative market reaction shows investors have set an increasingly high bar for stimulus optimism. The ECB is forecast to lower interest rates for a second straight meeting Thursday after data showed slowing inflation is being accompanied by a worsening economy.
Nestle SA, Nordea Bank Abp and Nokia Oyj are among companies that have announced earnings Thursday. The challenge for China investors “right now is that we don’t have a big enough package to get people excited,” Jun Bei Liu, a fund manager at Tribeca Investment Partners, said on Bloomberg Television.
