Market Updates
European Markets Halt 4-day Advances, Natural Gas at 4-month Low
Bridgette Randall
19 Oct, 2022
Frankfurt
European markets traded lower snapping a four-day winning streak after stocks in construction and financial services led the decliners.
Bond yields were on the rise in Europe after the consumer price inflation in the UK rose to 10.1% in September from 9.9% in August, the Office for National Statistics reported today.
The UK inflation rebounded to the level last seen in July stoking the fears of another large-size rate hike.
The eurozone inflation rate was revised lower to 9.9% in September from the previous estimate of 10.0%, Eurostat said in its final report on Wednesday.
Despite the slight downward revision, the inflation rate was record high since the comparable record keeping began in 1991, driven by a 40.7% surge in energy price following a 38.6% rise in August.
Major averages declined in Europe and bond yields rose.
The DAX index decreased 0.17%or 22.15 to 12,743.72, the CAC-40 index edged up 0.07% or 4.69 to 6,069.43 and the FTSE 100 index fell 0.07% or 5.43 to 6,931.31.
The yield on 10-year German bunds rose to 2.37%, French bonds increased to 2.95%, UK Gilts edged down to 3.88% and Italian bonds rose to 4.77%.
The euro edged down to 97.82 U.S. cents and the British pound turned lower to $1.124.
Brent crude oil edged up $1.30 to $91.39 a barrel and TTF natural gas futures rose 2% to 115.50 euros MWh.
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