European stock markets are expected to open with small losses on Wednesday, weighed down by disappointing overnight earnings from U.S. tech giants Alphabet (NASDAQ: GOOGL ) and Microsoft (NASDAQ: MSFT ), while investors digest more quarterly earnings from the European banking sector, and from Deutsche Bank in particular.

At 2:00 a.m. ET (06:00 GMT), Germany’s DAX futures were trading down 0.2%, France’s CAC 40 futures were down 0.4%, and the U.K.’s FTSE 100 futures were down 0.4%. European equity markets were set to see negative readings across the board following a disappointing start to the Big Tech earnings week.

Alphabet shares fell more than 6% after hours after the owner of Google, the world's largest digital advertising platform by market share, reported disappointing ad sales as advertisers cut back on spending in the face of an economic slowdown.European stock markets

Microsoft shares also fell more than 6% after hours after the software giant disappointed with revenue growth estimates in its closely watched Azure cloud computing business.

Back in Europe, the banking sector will be in the spotlight, with generally positive news. Deutsche Bank (ETR:DBKGn ) is set to shine on Wednesday, after the German banking giant posted a substantial jump in third-quarter profits as investment banking revenues rose despite a decline in dealmaking.

Spanish lender Santander (BME:SAN) reported that its third-quarter net profit rose 11% year-on-year as higher revenue across markets offset rising provisions and loan loss costs.

UniCredit (BIT:CRDI) raised its 2022 profit target, with Italy's second-largest bank boosted by higher interest rates and lower loan-loss provisions that also pushed earnings above expectations in the third quarter.

Standard Chartered (LON: STAN ) reported a 40% rise in quarterly profits as higher interest rates boosted the emerging markets-focused bank's earnings, allowing it to raise its earnings outlook.

Elsewhere, Mercedes Benz (ETR:MBGn) raised its outlook for its car division as third-quarter revenue rose strongly, while French catering and food services group Sodexo (EPA:EXHO) reported better-than-expected full-year earnings, saying it expects 2023 revenue and profit margins to reach 2019 levels.

The economic data calendar is quiet in Europe Wednesday, with French consumer confidence figures for October in the spotlight. Oil prices fell Wednesday after industry data showed U.S. crude stockpiles grew more than expected last week, reinforcing concerns that a slowdown in the world's largest economy will hit demand.

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