European Markets Deepen Losses, Eurozone Deficit with China, Russia, Norway Soar

Bridgette Randall
15 Sep, 2022
Frankfurt

European markets struggled to advance after two days of losses as the energy crisis remains in the spotlight and investors digest mixed U.S. economic data. 

Benchmark indexes in Germany and France declined after governments raised the spectre of energy rationing in the coming weeks as natural prices remain sky-high and supplies are tight.  

Germany's wholesale price inflation eased to 18.9% after rising 19.5% in July, Destatis reported Thursday. 

The wholesale price inflation has declined for the fourth month in a row. 

On a monthly basis, wholesale prices inched up 0.1% after falling 0.4% in July.

Consumer price inflation in France slowed to 5.9% in August from 6.1% in July, France's statistics office Insee reported Thursday.

Consumer price inflation in August was estimated at 5.8% in the preliminary estimate released on August 31.  

U.K.'s consumer confidence slipped in the negative territory for the first time since June 2020. 

Greece's jobless rate declined to 12.4% in the second quarter from 13.8% in the first quarter, a survey from the Hellenic Statistical Authority showed Thursday. 

The unemployment rate declined from 15.8% a year ago.   

The DAX index declined 50.55 or 0.4% to 12,974.77, the CAC-40 index fell 1.2% or 75.66 to 6,146.75 and the FTSE 100 index added 0.1% or 4.77 to 7,282.07. 

Banks in Germany led the gainers on the back of rising interest rates. 

Commerzbank added 3.5% and Deutsche Bank advanced 2.5%.  

 In Madrid trading, Bankinter, Sabadell and Caixabank gained more than 5% on the hopes that Spain may revise a tax that is deemed to violate the European Central Bank's directive. 

 

Eurozone Swings to Trade Deficit  

The euro area trade balance swung to a merchandise trade deficit of