Market Updates
European Markets Rally Fades, Oil Up After OPEC Cuts
Bridgette Randall
05 Oct, 2022
Frankfurt
European markets traded lower after two days of rally and recession worries were in focus after business activities in the euro zone declined more than expected.
The Purchasing Managers' Index dropped to a 20-month low 48.1 in September from 48.9 in August, S&P Global said Wednesday.
The seasonally adjusted index for the UK declined to 49.1 from 49.6 in August.
Any reading below 50 indicates a contraction in growth and above 50 shows expansion.
The DAX index fell 0.9% to 12,557.21, the CAC-40 index dropped 0.7% to 5,996.81 and the FTSE 100 index declined 0.9% to 7,023.80.
The euro traded down to 0.99 U.S. cents and the British pound inched lower to $1.134.
Crude oil surged as much as 2% after OPEC+ nations agreed to a 2 million a day production cut.
Brent crude oil increased 1.8% to $93.35 a barrel and TTF natural gas jumped 6.2% to 172.0 euros a megawatt hour.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
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