European markets closed mixed and natural gas prices fell to a two-month low. Bundesbank estimated economic conditions to weaken in the current and next quarters and the pace of inflation to pick up.
stocks extended losses in Europe after fears of global economic slowdown were highlighted by the World Bank. Italy is set to record its largest annual trade deficit in a decade on the soaring cost of energy import.
European leaders mull rationing with no end in sight of the energy crisis. Eurozone trade balance swung to a deficit after the cost of energy imports soared.
The rally in European markets fizzled and benchmark indexes closed down after the U.S. inflation was hotter than expected signaling a large rate hike at the next Fed's meeting. UK jobless rate drops to a 48-year low.
Resource companies led the gainers after crude oil prices rose but natural gas dropped to a 4-week low. Reinsurance companies were in focus ahead of another rate hikes on rising loss trends. Lufthansa and pilots union agreed on a pay hike plan.
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.
