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European Shares Slide Ahead Of BOE Rate Decision

RTTNews | 576 days ago

(RTTNews) - European stocks fell in cautious trade on Thursday ahead of the release of eurozone inflation data as well as the Bank of England's latest monetary policy decision.

The Bank of England is expected to hold interest rates for the fourth time in a row, with some analysts expecting possible cuts later in the year amid easing cost-of-living pressures.

S&P Global and Hamburg Commercial Bank (HCOB) reported earlier in the day that the euro zone manufacturing PMI improved to a 10-month high of 46.6 in January 2024.

The pan European STOXX 600 was down 0.1 percent at 485.08 after finishing marginally higher in the previous session.

The German DAX dipped 0.3 percent and France's CAC 40 shed 0.7 percent while the U.K.'s FTSE 100 was up 0.4 percent.

In corporate news, Stora Enso slumped over 4 percent after the Finnish pulp and paper manufacturer reported significant declines in its Q4 and annual profits.

Biotech giant Roche tumbled 3.7 percent after forecasting a sluggish recovery in sales and earnings this year.

ING Group plummeted 8.3 percent. The Dutch lender said that total income for 2024 will likely be lower than 2023 due to interest-rate development.

Mining giant Glencore added 1.5 percent despite reporting lower copper, nickel and cobalt production in 2023 and signaling a further decline in output.

Ricardo jumped 3.2 percent after maintaining its guidance for the full year.

Oil giant Shell rallied 2.6 percent after full-year profit beat forecasts.

Telecoms giant BT Group rose 1.2 percent after reporting a surge in profit due to price increases.

Sanofi fell more than 2 percent after posting fourth-quarter earnings below estimates.

Also, the French healthcare firm announced that François-Xavier Roger will take over as Chief Financial Officer and join its Executive Committee starting April 1, 2024.

BNP Paribas plunged 8.6 percent. The lender reported pre-tax income of 1.476 billion euros for the fourth quarter, lower than 2.790 billion euros a year ago.

German sportswear maker Adidas slumped 7.4 percent after operating profit guidance missed consensus estimate.

Deutsche Bank jumped 4.6 after the lender lifted its revenue and payout targets and unveiled plans to cut 3,500 jobs.

U.S. Dollar Falls Against Most Majors

The U.S. dollar weakened against its most major counterparts in the New York session on Friday.

RTTNews | 16h 2min ago

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 | 17h 21min ago

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 | 19h 35min ago

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 | 20h 11min ago

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 | 20h 40min ago

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 | 23h 25min ago

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 | 23h 43min ago

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 | 1 day ago

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