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European Shares Slip As Investors Await Powell Testimony, BoE Rate Decision

RTTNews | 802 days ago

(RTTNews) - European shares traded lower in cautious trade on Monday, as China stimulus hopes faded and caution crept in ahead of China's June loan prime rate announcement and Fed Chair Jerome Powell's testimonies due this week.

The Bank of England meets on Thursday and the central bank is expected to raise interest rates by a quarter point to a 15-year high of 4.75 percent, marking its 13th straight rate rise.

The pan European STOXX 600 was down 0.6 percent at 463.99 after gaining half a percent on Friday.

The German DAX, France's CAC 40 and the U.K.'s FTSE 100 were down between 0.4 percent and 0.6 percent.

Sartorius plunged more than 15 percent. The Franco-German lab equipment maker slashed its 2023 view, saying it expects sales revenue for the second half of the year to be below expectations due to weak demand.

Coca-Cola HBC AG declined 1 percent on news it would acquire the Finlandia vodka brand from Brown-Forman for $220m.

China-exposed luxury giant LVMH fell 1.4 percent and Hermes International dropped 1.4 percent after Friday's State Council meeting in China ended with no concrete policies to boost the economy.

Likewise, miners Anglo American, Antofagasta and Glencore shed 1-2 percent on worries about demand from the top metal consumer.

MTU Aero Engines AG rallied 3.3 percent after lifting its 2023 earnings forecast.

Surface Transforms, a maker of carbon-ceramic brake discs for automotive and aircraft applications, fell 1.5 percent after it appointed Isabelle Maddock as new Chief Financial Officer, effective September 4.

Egham-headquartered Spectris was little changed after entering an agreement for the $37.6 million purchase of MicroStrain Sensing Systems Business.

Lucky Strike maker British American Tobacco rose half a percent after it revealed significant changes to its management board.

Drug maker AstraZeneca fell about 1 percent after reportedly announcing plans to spin-off its China business.

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 | 38 minutes 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 | 2h 51min 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 | 3h 28min 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 | 3h 56min 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 | 6h 41min 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 | 7h 0min 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 | 7h 43min ago

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 | 8h 13min ago

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