Market Updates
European Markets Rebounded from Losses, German Factory Orders Fell
Bridgette Randall
06 Sep, 2022
Frankfurt
European markets looked beyond weak German factory orders data and gained after energy prices eased and China announced stimulus measures.
The DAX index gained 0.8% to 12,871.41, the CAC-40 index fell 0.2% to 6,104.61, and the FTSE 100 index rose 0.2% to 7,300.43.
Germany's factory orders declined at a faster pace in July on the weak domestic and the eurozone demand.
Factory orders fell 1.1% from the previous month in July Destatis reported Tuesday.
The June orders were revised to an increase of 0.3%.
The British pound edged up a fraction and traded near $1.15 after briefly falling near $1.14.
The incoming prime minister Liz Truss has inherited a weak economy, elevated energy prices, sky-high inflation and general voter apathy.
With low approval among her party members and even lower vote of confidence from voters, Truss faces challenges on multiple fronts and most political analysts anticipate the country to head to general polls in late 2023 or early 2024.
The pound is expected to continue its slide and sink to a parity with the U.S. dollar.
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