Market Updates
European Markets Advance, Retail Sales Fall, Wholesale Inflation Rises
Bridgette Randall
03 Aug, 2022
New York City
European markets advanced and investors looked beyond the rising tensions between the U.S. and China after House Speaker Nancy Pelosi concluded her visit to Taiwan.
Eurozone retail sales unexpectedly declined in June as higher prices and surging inflation weighed on consumer spending.
Eurozone retail sales volume declined 3.7% from a year ago and fell 1.2% from the previous month in June, according to the report released by the eurostat Wednesday.
A separate report from the statistics office showed producer prices remained elevated in June.
Producer prices surged 35.8% from a year ago and slowed from 36.2% in May. On a monthly basis, the prices rose 1.1% from May.
The wholesale prices surged after energy prices surged 92.8%and excluding energy, producer price inflation eased to 15.6% from 16.0% a month ago.
The DAX index gained 1.03% to 13,587.58, the CAC-40 index increased 0.97% to 6,472.06, and the FTSE 100 index added 0.49% to 7,445.68.
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