European Shares Seen Tad Lower As Inflation, Rate Worries Persist

RTTNews | 642 days ago
European Shares Seen Tad Lower As Inflation, Rate Worries Persist

(RTTNews) - European stocks are seen opening on a subdued note Thursday amid jitters over inflation and interest rate hikes.

Investors may assess risks to inflation from rising oi prices, with crude oil breaching the $90 per barrel mark after oil producing countries agreed to extend supply cut till December this year.

The dollar hit a six-month high as stronger-than-expected U.S. services sector data fueled concerns that U.S. interest rates may stay higher for longer.

Asian markets traded lower after China reported another monthly decline in exports and imports in August, albeit less steep than forecasts.

Closer home, German industrial output data, revised EU GDP data for the second quarter and the single currency bloc's employment rate for the same period will be in focus later in the day.

Across the Atlantic, U.S. weekly jobless claims figures may sway sentiment ahead of next week's closely watched readings on consumer and producer price inflation.

U.S. stocks ended lower overnight as rising oil prices revived inflation fears and Boston Fed President Susan Collins warned that more policy tightening could be warranted.

In economic releases, activity in the U.S. services sector rose unexpectedly in August while the Fed's Beige Book showed economic growth was modest during July and August.

The tech-heavy Nasdaq Composite lost 1.1 percent, the S&P 500 fell 0.7 percent and the Dow dropped 0.6 percent.

European stocks fell for a sixth consecutive session on Wednesday on concerns about elevated inflation and slowing global growth. Weak German factory orders data also weighed.

The pan-European STOXX 600 dropped 0.6 percent to reach its lowest level in over a week.

The German DAX and the U.K.'s FTSE 100 both slipped around 0.2 percent while France's CAC 40 shed 0.8 percent.

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