May ADP US Private Payrolls Rise More Than Expected Ahead of BLS Data

May ADP Employment Rises 122,000 Vs. Expected 120,000 Gain

Persian Gulf Outlook, Crude Prices Undercut European Bourses Midday

European bourses tracked moderately lower midday Wednesday as traders mulled media reports of fresh Persian Gulf hostilities and faltering Middle East ceasefire talks and noted rising crude prices.Oil stocks led gains on continental trading floors, while bank and property shares lagged.Front-month North Sea Brent crude-oil futures were up 2.1% at $98.01 a barrel.Investors also eyed muted Wall Street futures, but mostly higher closes overnight on Asian exchanges, as AI-related shares rose.In economic news, the eurozone producer price index (PPI) rose 0.6% in April from March, and the broader European Union PPI gained 0.7%, reported Eurostat. On the year, the PPI in April was up 4.9% in both the eurozone and the EU. Higher energy prices were cited for the gains.The pan-continental Stoxx Europe 600 Index was off 0.4% mid-session.The Stoxx Europe 600 Technology Index was down 0.4%, and the Stoxx 600 Banks Index lost 0.5%.The Stoxx Europe 600 Oil and Gas Index rose 1.3%, while the Stoxx 600 Europe Food and Beverage Index declined 0.2%.The REITE, a European REIT index, fell 0.5%.On the national market indexes, Germany's DAX was down 0.8%, and the FTSE 100 in London lost 0.3%. The CAC 40 in Paris was down 0.4%, but Spain's IBEX 35 lifted 0.2%.Yields on benchmark 10-year German bonds were higher, near 3.02%.The Euro Stoxx 50 volatility index was down 0.2% at 19.18, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

Rising Crude Prices Cap Wall Street Pre-Bell; Asia Up, Europe Off

Wall Street futures pointed mixed and muted pre-bell Wednesday, as crude prices ascended again following reports of renewed Iranian and US military strikes in the Persian Gulf.In the futures, the S&P 500 fell 0.1%, the Nasdaq inclined 0.1% and the Dow Jones was off 0.4%.West Texas Intermediate crude oil traded up 2.4% at $96.01 a barrel in morning hours.Asian exchanges traded mostly higher overnight, with fresh all-time highs struck in Taiwan and Tokyo on AI sector optimism. European bourses tracked moderately lower midday on the continent.Tech giants Broadcom (AVGO) and CrowdStrike (CRWD) plan to report earnings after-bell, among others.On the economic calendar is the ADP Employment Report for May at 8:15 am ET, followed by the S&P Global US final composite purchasing managers index for May at 9:45 am.The factory orders bulletin for April and the ISM Services Index for May log at 10 am.The weekly EIA petroleum status report posts at 10:30 am.The Beige Book, the Federal Reserve's compendium of business and economic reports from the 12 branches, is released at 2 pm.Federal Reserve Governor Michael Barr and Dallas Fed President Lorie Logan are slated to speak on Wednesday.In premarket action, Bitcoin traded at $67,186, and 10-year US Treasuries offered 4.49%. Spot gold commanded $4,460 an ounce.