Market Updates
European Markets Close Higher, Germany's Wholesale Inflation Eases
Bridgette Randall
15 Aug, 2022
Frankfurt
European markets closed higher tracking the advance in New York.
Energy prices in the region declined after China reported a flurry of economic data indicating sluggish economy.
The DAX index increased 0.2% to 13,816.61, the CAC 40 index increased 0.3% to 6,569.95, and the FTSE 100 index added 0.1% to 7,509.15.
Energy prices were weak after China unexpectedly lowered key lending rates.
Brent crude oil prices fell $3.12 a barrel to $95.08 but natural gas prices rose 11% to 234.90 euros per MWh for October delivery on the ICE.
German wholesale inflation declined for the third month in a row but remained elevated, Germany's statistics office said today.
Wholesale price index increase slowed to 19.5% in July after rising at 21.2% in June, the Destatis reported Monday.
Resource stocks were traded lower after the release of weak economic data from China.
Anglo American, Antofagasta, and Glencore fell between 1% and 2.5%.
Energy companies were among the leading decliners.
BP Plc, Shell Plc, and TotalEnergies SE fell between 2% and 4%.
Henkel AG rose 1.1% 65.34 euros and the consumer products company reported weak first-half results on rising costs.
Hellofresh SE increased as much as 8% before closing up 2.7% to 30.82 euros after the meal kit provider reported record quarterly revenues.
Uniper SE surged as much as 12% before closing up 4% to 7.75 euros ahead of the German government's decision on the size of the federal government price levy.
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