European Markets In Five-day Slump, Rate Worries In Focus

Bridgette Randall
08 Dec, 2022
Frankfurt

European markets closed down and investors assessed the health of business in an economic slowdown environment, rising rates and stretched consumer budgets. 

Investors also reviewed the latest comments from the ECB president Christine Lagarde focused on systemic risks arising from the decentralized financial systems linked with cryptocurrencies. 

"Crypto-assets are exceptionally volatile and pose considerable risks to consumers.

After peaking in November 2021, the price of Bitcoin fell by almost 75% in the space of a year. And only last month we saw the chaotic collapse of FTX, a crypto-asset exchange once valued at $32 billion," highlighted Lagarde. 

 

Czech Unemployment Stable 

The Czech Republic's unemployment was stable at 3.5% in November for the second month in a row after edging up by 0.1 percentage point in September, data from the labor office showed Thursday. 

 

Ireland's Inflation Inches Lower 

Ireland's consumer price inflation declined in November but stayed above 5.0% for the fourteenth month in a row, the Central Statistics Office said Thursday. 

The consumer price index declined to an annual pace of 8.9% in November after rising at 9.2% in October. 

On a monthly basis, consumer prices rose 0.3%. 

 

Hungary's Inflation Accelerates, Trade Deficit Widens 

Hungary's consumer prices accelerated in November driven by higher food prices and rising costs of utilities. 

Consumer price inflation increased 22.5% in November from a year ago following 21.1% in October, the Hungarian Central Statistical Office showed on Thursday.

On a monthly basis, consumer price eased to 1.8% after rising at 2.0% in October. 

Trade deficit jumped to