Market Updates
Largest Rate Hike In UK In 27 Years, German Factory Orders Fell
Bridgette Randall
04 Aug, 2022
Frankfurt
European markets traded higher after Germany's factory orders fell less than expected and investors looked beyond the rising tensions between the U.S. and China.
German factory orders fell 9% on an annual basis in June after dropping 3.2% in May, according to data released by Destatis.
On a monthly basis, orders fell 0.4% in June from May.
The Bank of England lifted its key lending rate by 50 basis points to 1.75%, the largest increase in twenty seven years.
The central bank forecasted inflation to peak at 13% and the central bank forecasted economic recession may start as early as this year and last as long as five quarters.
The DAX index rose 0.6% to 13,661.26, the CAC-40 index increased 0.6% to 6,508.21, and the FTSE 100 index inched up a fraction to 7,446.52.
Investors reacted to the latest batch of corporate results.
Credit Agricole SA soared 5% after the French lender reported better than expected earnings but the Dutch lender ING Group fell 2.8% after its quarterly earnings disappointed investors.
Glencore PLC gained 2.7% after the commodities trader reported first-half profit more than doubled to record high.
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