European stocks open-close, US inflation data

Stocks on the move: Sweco down 7%, Taylor Wimpey down 5%

Swedish engineering company Sweco In the process, the Stoxx 600 fell more than 7% on early deals Taylor Wimpey fell more than 5% to trigger a broad sell-off for UK homebuilders.

European Markets: Here are the opening calls

European markets are heading for a lower open on Thursday as investors around the world brace for the latest US inflation data.

According to data from IG, the UK FTSE index is expected to open 12 points lower at 6,812, the German DAX 41 points lower at 12,150, the French CAC 23 points lower at 5,803 and the Italian FTSE MIB 40 points lower at 20,324.

The lower open in Europe comes amid mixed global sentiment ahead of recent US inflation. US stock futures edged higher overnight while Asia-Pacific markets were mixed as investors waited for the data.

Dow Jones consensus estimates show CPI up 0.3% in September versus 0.1% in August. That would bring the annual pace of inflation to 8.1% from 8.3%.

A rise in CPI would also follow higher-than-expected producer price data, data showed on Wednesday. The US producer price index, a measure of final demand wholesale prices, rose 0.4% in September, more than the consensus estimate of a 0.2% increase, according to the Dow Jones.

Markets processed minutes of the Federal Reserve’s September meeting, released on Wednesday, which showed the central bank is expected to keep raising interest rates until it sees inflation falling.

One comment led some to think the Fed might instead slow, if not reverse, rate hikes if the financial market turmoil continues.

On the data front in Europe, Germany releases final inflation data for September.

– Holly Ellyatt

CNBC Pro: Goldman Sachs favors Tesla and another major automaker even during an economic slowdown

Goldman Sachs raised its forecast for electric car sales and said You are here and another major automaker will benefit from the Inflation Reduction Act.

It comes at a time when the auto sector is facing multiple headwinds in 2023, from rising interest rates to a slump in consumer demand.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Fed minutes show the central bank sees more rate hikes and higher rates for longer

The Federal Reserve’s September meeting minutes, released on Wednesday, show the central bank expects to continue raising interest rates and keeping them higher until inflation shows signs of abating.

The minutes reflect policymakers’ discussions prior to the latest 0.75 percentage point hike, the third consecutive hike of this magnitude this year.

The central bank was surprised by the sustained pace of inflation but remains optimistic that rate hikes will help contain inflation again.

– Carmen Reinicke, Jeff Cox

CNBC Pro: Is Meta a Stock to Buy or Dodge? A bull and a bear face each other

These are turbulent times for Metawith investors fleeing this year as it struggles with headwinds.

The stock plunged to its lowest level since January 2019 in late September — and has fallen even further since.

Now that its shares are so cheap, are big investors considering Facebook’s parent company a buy, or should it be avoided?

CNBC’s Street Signs Asia spoke with Independent Solutions Wealth Management’s Paul Meeks and Longbow Asset Management’s Jake Dollarhide as they competed to represent their bull-and-bear plans for Meta.

Pro subscribers can read more here.

– Wheat Tan

Stocks close lower after a choppy session

All three major moving averages closed lower on Wednesday after oscillating between gains and losses throughout the day.

The S&P 500 lost 0.33% to 3,577.03, its lowest close since November 2020 and its sixth consecutive daily loss.

The Dow Jones Industrial Average lost 28.34 points, or 0.10%, to close at 29,210.85. The Nasdaq Composite fell 0.09% to close at 10,417.10.

– Carmen Reinicke

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