European markets open to close, data, news and earnings

European markets open to close, data, news and earnings

The British pound dropped below $1.14 for the first time since 1985 as a combination of dollar strength and recession warnings weighed on the U.K.’s currency.

Sterling fell as low as $1.135 at 8:50 a.m. London time, marking a fresh 37-year low before rising slightly to $1.144 by mid-afternoon. It followed the publication of figures showing a 1.6% fall in August retail sales, which analysts at ING said showed a “deteriorating consumption picture in the UK.”

Meanwhile, European markets were trading lower as growth fears, expectations for further rate hikes and continued volatility in the energy market weighed on stocks.

The pan-European Stoxx 600 fell 1.1% during mid-afternoon deals, with almost all sectors and major bourses in negative territory.

The U.K.’s FTSE 100 was last seen 0.2% lower, Germany’s DAX was down 1.3% and France’s CAC 40 fell 1%.

Many sectors were down around 2%, including mining stocks, construction, and industrials. Auto stocks fell 1.7% despite data showing a rise in new car sales in the European Union for the first time in 13 months.

It comes off the back of three days of losses for European stocks, which have particularly dented energy and technology shares. However, banking stocks gained on Thursday after Morgan Stanley analysts upgraded the sector.

The World Bank on Thursday warned of a global recession in 2023 and said central bank hiking may not be enough to bring down inflation.

Asia-Pacific shares fell Friday, with the Shanghai Composite 0.96% lower, despite China’s industrial production and retail sales figures for August beating expectations.

Analysts at ANZ said stocks and risk-sensitive markets would continue to struggle with inflation fears and expectations of Federal Reserve rate hikes next week.

U.S. stock futures were also down Friday morning.

Source link

Related post

Next to Nice: A tale of two Slovenian cryptocurrency sponsorships

Next to Nice: A tale of two Slovenian cryptocurrency…

A handful of times a year, the pro road cyclists of the world compete in their national kits rather than their…
$49 million in education funds coming to the Commonwealth

$49 million in education funds coming to the Commonwealth

HARRISBURG, Pa. (WHTM) – Pennsylvania’s education system is getting a big boost. The Department of Education recently released $1 billion to…
Global Europe: President von der Leyen announces funding for women and youth’s rights, food security, fight against disease, and biodiversity – World

Global Europe: President von der Leyen announces funding for…

The President of the European Commission, Ursula von der Leyen, has concluded an intense week of discussions with world leaders and…

Leave a Reply

Your email address will not be published.