Market Updates
Second Weekly Decline In European Markets
Bridgette Randall
16 Dec, 2022
Frankfurt
European markets closed lower on Friday as fears of global slowdown and higher rates overwhelmed the market sentiment.
European markets declined as much as 1% and extended weekly loss to over 3% and dropped to one-month on the worries of economic slowdown.
The consistent reinforcement of inflation-fight messages from central bankers are rattling markets.
Investors are growing anxious that central banks in their fights to bring down sky-high inflation may dip the global economy into a recession and also stall labor markets.
The DAX index declined 0.7% to 13,893.06, the CAC-40 index dropped 1.1% to 6,453.62 and the FTSE 100 index dropped 1.3% to 7,332.16.
For the week, the DAX index declined 2.7%, the CAC index dropped 1.9% and the FTSE 100 index eased 0.25%. Major averages fell for the second week in a row.
The yield on German Bunds closed at 2.14%, French bonds at 2.66%, the U.K. Gilts at 3.35% and Italian bonds at 4.32%.
The euro edged down to $1.60 and the British pound inched lower to $1.217.
Commodities and Oil Face Recession Headwinds
Oil futures declined 2% and extended three-week slide as recession worries dominated market sentiment. Brent crude in London fell to $79 and WTI crude in New York dropped to $74 a barrel.
In New York trading, West Texas Intermediate crude oil declined $2.59 to $73.49 a barrel and natural gas futures eased 50 cents to $6.46 a thermal unit.
In London trading Brent crude oil fell $204 to $79.16 a barrel and Dutch TTF natural gas price plunged 10.1% to
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