European Stocks Close Notably Lower As Growth Worries Rate Concerns Weigh

RTTNews | 592 дней спустя
European Stocks Close Notably Lower As Growth Worries Rate Concerns Weigh

(RTTNews) - European stocks closed notably lower on Friday as concerns about interest rates, inflation and geopolitical tensions outweighed stronger than expected earnings updates from some major U.S. lenders.

Higher producer price and consumer price inflation readings from the U.S. have raised concerns the Federal Reserve will continue to keep interest rates higher for longer.

Comments from Bank of England Governor Andrew Bailey that future rate decisions by the central bank would continue to be tight weighed as well.

Major U.S. banks JP Morgan Chase, Wells Fargo and Citigroup all reported stronger than expected third quarter earnings.

The pan European Stoxx 600 declined 0.98%. The U.K.'s FTSE 100 ended down 0.59%, Germany's DAX drifted down 1.55% and France's CAC shed 1.42%, while Switzerland's SMI lost 0.72%.

Among other markets in Europe, Austria, Belgium, Finland, Greece, Netherlands, Portugal, Spain, Sweden and Turkiye closed weak.

Denmark, Iceland, Norway, Poland and Russia ended higher.

Eurozone industrial production recovered in August driven by the rebound in capital goods and durable consumer goods output, Eurostat said on Friday.

Industrial output grew by more-than-expected 0.6% on a monthly basis in August, in contrast to the 1.3% decrease in the previous month. Output was forecast to rise 0.1%.

On a yearly basis, the decline in industrial production deepened to 5.1% from 2.2% in July. This was worse than economists' forecast of 3.5% decrease.

In the UK market, St. James's Place shares plunged 21% on reports it is under pressure from regulators to overhaul its fee structure.

JD Sports Fashion, Spirax-Sarco Engineering, Just Eat Takeaway.com, Hargreaves Lansdown, ITV, Easyjet and British American Tobacco lost 3.5 to 4.8%.

ICP, Schrodders, Prudential, Hiscox, M&G, IAG, Whitbread, Informa, Persimmon, Halma and Scottish Mortgage declined 2 to 3%.

Fresnillo rallied about 4.5%. BP gained 2.1%, while United Utilities, National Grid, Royal Dutch Shell, Severn Trent and BAE Systems advanced 1 to 1.75%.

In the German market, Sartorius tumbled 13.3% after reporting a decline in sales for the first nine months of 2023 and cutting its FY23 outlook.

Puma, Siemens Energy, Merck, Qiagen, Infineon, SAP, Siemens and Commerzbank lost 2 to 3.5%. Continental, Allianz, Bayer, Deutsche Bank, Adidas and Mercedes-Benz ended lower by 1.3 to 1.8%.

In Paris, WorldLine, Eurofins Scientific, Alstom, BNP Paribas, Airbus Group, STMicroElectronics, Societe Generale, Legrand, Renault, Kering, Capgemini, Credit Agricole, Michelin and LVMH lost 2 to 4.3%.

TotalEnergies climbed 1.6%. Thales, Orange and Engie posted moderate gains.

read more
U.S. Dollar Strengthens On Trump's Tariff Delay

U.S. Dollar Strengthens On Trump's Tariff Delay

The U.S. dollar was higher against its major counterparts in the New York session on Tuesday amid easing trade tensions between the U.S. and the European Union.
RTTNews | 54 минут назад
European Stocks Close Broadly Higher On Strong Data, Easing Trade Tensions

European Stocks Close Broadly Higher On Strong Data, Easing Trade Tensions

European stocks closed on a positive note on Tuesday, continuing to benefit from U.S. President Donald Trump's decision to amid slightly easing concerns about a potential trade war following U.S. President Donald Trump's decision decision to wait till July 9th to implement the 50% tariffs he had threatened to impose on imports from the European Union.
RTTNews | 2ч 22мин назад
U.S. Consumer Confidence Rebounds Much More Than Expected In May

U.S. Consumer Confidence Rebounds Much More Than Expected In May

A report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of May. The Conference Board said its consumer confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April.
RTTNews | 5ч 3мин назад
U.S. Durable Goods Orders Plunge 6.3% In April As Aircraft Orders Plummet

U.S. Durable Goods Orders Plunge 6.3% In April As Aircraft Orders Plummet

With orders for transportation equipment pulling back sharply, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of April. The Commerce Department said durable goods orders tumbled by 6.3 percent in April after surging by a downwardly revised 7.6 percent in March.
RTTNews | 5ч 14мин назад
Bay Street Seen Opening Higher Again

Bay Street Seen Opening Higher Again

Canadian shares are likely to extend recent gains on Tuesday following U.S. President Donald Trump's decision to wait till July 9th to implement the 50% tariffs he had threatened to impose on imports from the European Union.
RTTNews | 6ч 41мин назад
U.S. Durable Goods Orders Pull Back Sharply In April

U.S. Durable Goods Orders Pull Back Sharply In April

With orders for transportation equipment pulling back sharply, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of April.
RTTNews | 6ч 41мин назад
Eurozone Economic Sentiment Rises More Than Forecast

Eurozone Economic Sentiment Rises More Than Forecast

Eurozone economic confidence strengthened more than expected in May as manufacturers, consumers and retailers showed signs of recovery, survey data from the European Commission revealed on Tuesday. The Economic Sentiment Indicator climbed to 94.8 from 93.8 in April. The reading was above forecast of 94.0. The rise in the ESI was primarily driven by the improvements in the industry, retail trad
RTTNews | 6ч 59мин назад