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EUROPE BEFORE THE BELL: TAKE A BREATH AND THEN NVIDIA

It looks set to be a slightly calmer start to the day on Wednesday, no more Fed governors are under pressure - at least half an hour before the open, we can't promise that won't change - and no more European governments are pondering collapse.

Of course, Wednesday could be notable, $4.4 trillion-behemoth Nvidia NVDA.O is due to report its results after the U.S. close and that will help drive the conversation about AI for the next few months.

Options traders are pricing in about a $260 billion swing in Nvidia's market value after its earnings.

Ahead of all that, stock futures in Europe point higher. Euro Stoxx 50 futures are up 0.17% after the index's 1.1% fall on Tuesday. STXEc1 FTSE futures are up 0.4% FFIc1

And of course the major developments from this week are going to be drawn out.

Federal Reserve Governor Lisa Cook will file a lawsuit to prevent President Donald Trump from firing her, a lawyer for the embattled central bank official said on Tuesday, kicking off what could be a protracted legal fight over the White House's effort to shape U.S. monetary policy.

While the confidence vote in the French government is not until September 8, Prime Minister Francois Bayrou tripped and nearly went flying as he took to the stage on Tuesday to deliver his first comments since the previous night's announcement. He said lawmakers must now choose between "chaos" and "responsibility."

In terms of company news, there isn't that much.

Aroundtown AT1.DE, one of Germany's largest listed landlords, posted a half year profit of 578 million euros ($677 million), compared with a loss the previous year, benefiting from a recovery in German commercial and residential property prices after years of declines.

Prudential PRU.L, 2378.HK unveiled a $1.1 billion share buyback plan and signalled higher dividends over the next two years. Its Hong Kong listed shares are up 0.4%. Belgian insurer Ageas AGES.BR raised its annual core profit forecast.

(Alun John)

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