European Shares Tumble After Fed Meeting; BoE Meet Eyed

RTTNews | il y a 1030

(RTTNews) - European stocks fell sharply on Thursday after the U.S. Federal Reserve fully reaffirmed its commitment to fight inflation and signaled it was "very premature" to think about pausing the tightening cycle.

Sentiment was also dented after China affirmed that a zero-tolerance approach continues to be the overall strategy in tackling COVID-19.

Meanwhile, the Bank of England is scheduled to announce its monetary policy decision at 8.00 AM ET. Markets widely expect the BoE to raise the Bank Rate to 3.00 percent from 2.25 percent. This would be the biggest hike since 1989.

The monetary policy committee's economic analysis and inflation projections are also due.

The pan European STOXX 600 fell 1.2 percent to 408.55 after declining 0.3 percent on Wednesday.

The German DAX dropped 0.9 percent, France's CAC 40 index gave up around 1 percent and the U. K's FTSE 100 was down half a percent.

Tech stocks were broadly lower, with STMicroelectronics and Infineon falling 1-2 percent.

Flutter Entertainment slumped nearly 4 percent after Australia's financial crime watchdog ordered an audit of Sportsbet, an online betting house operated by Flutter and British gambling firm Bet365.

Danish IT consultancy firm Netcompany jumped 17 percent after posting strong third-quarter earnings.

British industrial distributor RS Group lost over 11 percent after an announcement that its CEO is taking a leave of absence.

French insurer Axa gained 1 percent after reporting a marginal rise in revenue for the first nine months of the year.

Belgian chemicals company Solvay fell over 1 percent after it announced a joint venture with Mexico's Orbia to produce battery materials in the United States.

German energy giant Uniper declined 2 percent as it reported a record 40 billion-euro ($39.3 billion) net loss.

Hugo Boss tumbled 3.5 percent despite the luxury fashion brand raising its sales and profit outlook for the year.

Similarly, automaker BMW lost 3 percent despite confirming its FY22 outlook.

German Inflation Accelerates To 2.2% In August

Consumer price inflation in Germany climbed in August to its highest level in five months, while the core figure was steady amid an acceleration in food price growth, and weakened chances for further easing from the European Central Bank in the near term.

RTTNews | il y a 45 minutes

Canadian Market Up In Positive Territory; BRP Rises Sharply On Strong Earnings

Despite weak GDP data, the Canadian market is up firmly in positive territory Friday afternoon with stocks from materials and healthcare sectors contributing significantly to the gains.

RTTNews | il y a 2h 58min

Swiss Market Ends Modestly Lower

Save for a very brief while early on in the session, and for less than an hour a little past mid afternoon, the Switzerland market stayed in negative territory on Friday with investors largely staying cautious due to a lack of positive triggers.

RTTNews | il y a 3h 35min

European Stocks Close Lower On Geopolitical Tensions

European stocks closed lower on Friday, weighed down by geopolitical concerns due to rising clashes in Gaza and Ukraine, and political uncertainty in France. Investors also digested the latest batch of economic data, including the closely watched U.S. personal consumption expenditure report.

RTTNews | il y a 4h 3min

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

RTTNews | il y a 6h 48min

Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

RTTNews | il y a 7h 7min

U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

RTTNews | il y a 7h 50min

German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

RTTNews | il y a 8h 20min

EURUSD	1.1684	GBPUSD	1.34987	AUDUSD	0.6538
USDJPY	147.04	USDCAD	1.3741	USDCHF	0.80047