European Shares Mixed With Inflation Data, US Debt Ceiling Talks In Focus

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(RTTNews) - European stocks were mixed on Wednesday amid worries over the U.S. debt ceiling and the potential for a catastrophic debt default.

Hawkish comments from a slew of Federal Reserve officials and growing concerns over China's economic recovery also dented sentiment.

In economic releases, Eurozone inflation accelerated to 7.0 percent in April from 6.9 percent a month earlier, as rising services and energy costs offset a slowdown in food price growth, Eurostat said earlier in the day, confirming preliminary data.

The pan European STOXX 600 was down 0.2 percent at 463.96 after declining 0.4 percent on Tuesday.

The German DAX edged up 0.2 percent and the U.K.'s FTSE 100 was marginally lower, while France's CAC 40 eased 0.2 percent.

Automakers traded mostly higher after industry data showed Europe's new car registrations registered a double-digit growth in April but the pace of growth slowed from March.

Swiss bank UBS Group AG edged up slightly after saying it expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG.

Euronext tumbled 2.5 percent after the exchange operator saw an 11.7 percent year-over-year drop in its revenue from forex trading during first quarter 2023.

Munich Re gained about 1 percent. The German top reinsurer posted lower net result in the first quarter but beat expectations.

Siemens rose over 2 percent. The industrial conglomerate raised its annual revenue outlook after second-quarter profits nearly tripled on higher orders.

SAP added 1.6 percent after the business software maker raised its 2025 total revenue outlook for continuing operations and launched a share buyback program of up to 5 billion euros.

Lender Commerzbank slumped 7 percent despite profit nearly doubling in the first quarter.

The London Stock Exchange Group fell nearly 4 percent after an investor consortium sold shares worth about 2.7 billion pounds in the exchange operator.

Property firm British Land lost 6.6 percent after it swung to a pre-tax loss for fiscal 2023.

Sportswear chain JD Sports Fashion gave up 4.3 percent after reporting a lower pre-tax profit for fiscal 2023.

AstraZeneca gained about 1 percent after the drug maker reported positive high-level results in the latest lung cancer trials.

Australia GDP Data Due On Wednesday

Australia will on Wednesday release Q2 figures for gross domestic product, highlighting a modest day for Asia-Pacific economic activity. GP is expected to rise 0.5 percent on quarter and 1.6 percent on year, up from 0.2 percent on quarter and 1.3 percent on year in the three months prior.

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U.S. Dollar Climbs Amid Rising Treasury Yields

The U.S. dollar strengthened against its major counterparts in the New York session on Tuesday, as investors awaited upcoming nonfarm payrolls data.

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Swiss Shares Extend Losing Streak

The Swiss stock market closed under pressure again on Tuesday, stretching its losing streak to three sessions while giving up more than 130 points or 1.1 percent in that span.

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Eurozone Inflation Path Suggests ECB Unlikely To Cut Rates Further

Euro area inflation modestly accelerated to a four-month high, and the core figure was steady around the 2 percent target in August as a slight slowing in both food price growth and services inflation was offset by a smaller decline in energy prices, which suggests that the European Central Bank is set to hold interest rates steady in future policy sessions.

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European Markets Finish In The Red On Tuesday

The major European markets finished firmly under water on Tuesday after Eurostat data showed Eurozone inflation rose to 2.1 percent last month, climbing above the European Central Bank's 2 percent target for the first time since April driven by higher prices for food, alcohol and tobacco.

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U.S. Construction Spending Unexpectedly Edges Lower In July

A report released by the Commerce Department on Tuesday showed construction spending in the U.S. unexpectedly edged slightly lower in the month of July. The Commerce Department said construction spending slipped by 0.1 percent to an annual rate of $2.139 trillion in July after falling by 0.4 to a revised rate of $2.141 trillion in June.

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Domino's Launches Two New Delectable Bread Bites Flavors

Domino's Pizza, the largest pizza company in the world, announced the launch of two new Bread Bite flavors: Cinnamon and Garlic, to join Domino's Parmesan Bread Bites, adding to its line of oven-baked mouthwatering options for customers to enjoy.

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U.S. Manufacturing Index Inches Up In Line With Estimates In August

The Institute for Supply Management released a report on Tuesday showing a slight increase by its reading on U.S. manufacturing activity in the month of August, although the index still indicated the sixth consecutive month of contraction.

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EURUSD	1.16373	GBPUSD	1.33864	AUDUSD	0.65173
USDJPY	148.488	USDCAD	1.37832	USDCHF	0.80491