The euro advanced to a 3-week high after the largest interest rate hike in two decades last week. The UK GDP expanded at a slower-than-expected pace and trade deficit shrank in July. Italian industrial production gained in July.
European markets extended weekly gains and energy prices declined for the second week in a row. Natural gas prices plunged for the week after surging as much as 65% in August.
The European Central Bank hiked rates citing worsening economic conditions and sustained high inflation. The central bank lowered its economic growth projections and revised higher inflation estimates and added rates are far away from bringing down inflation to the target rate of 2%.
SGL Carbon revised higher its annual revenues and operating earnings outlook. Barratt Developments home completions rebound to pre-pandemic level. James Fisher reiterated its annual outlook despite weak first-half.
Eurozone economy expanded at a faster pace in the second quarter than previously estimated and the industrial production decline in Germany accelerated more in July.
Benchmark indexes rebounded from morning losses. Germany's factory orders fell in July. British pound set to extend losses as political uncertainties adds to deepening economic slowdown.
Zurich Insurance plans to exercise its option to repay its bonds earlier. Countryside Partnership agreed to merge with Vistry Group. Volkswagen to discuss its Porsche public offering plan.
European markets declined on the rising prospects of economic recession, escalating energy prices and weakening currencies. Natural gas prices soared as much as 20%.
Indexes across Europe accelerated gains after the release of U.S. jobs report lifted hopes of slower pace of rate increase. Higher energy prices continue to drive wholesale prices higher in the eurozone.
European markets extended losses for the fourth day in a row after the latest inflation data underscored the urgency of higher rates at the next meeting of central bankers. Natural gas prices plunged 9%.
European markets begin to adjust to higher rates for a longer duration after central bankers mounted a campaign for rate hikes this week. Germany's annual inflation rate increased to 7.9%, reaching to a record high level.
Germany's GDP growth slowed sharply in the second quarter but still showed an expansion despite the loss of Russian markets, supply chain issues and elevated energy and labor costs.
