Market Updates
European Markets Closed at 10-month High
Bridgette Randall
09 Feb, 2023
Frankfurt
European markets advanced to 10-month highs after Germany's inflation index rose less-than-expected.
Consumer price index for Germany rose to 8.7% in January from a four-month low of 8.6% in December, DeStatis or Federal Statistics Office data showed today.
The CPI index advanced 1.0% from the previous month in January, reversing 0.8% decline in December.
The DAX index increased 0.7% to 15,523.42, the CAC-40 index advanced 1% to 7,188.36 and the FTSE 100 index closed higher 0.3% to 7,911.15.
The dollar traded lower following a rise in the previous three sessions.
The euro closed up at $1.073, the British pound edged higher to $1.211 and the Swiss franc strengthened to 92.23 U.S. cents.
The yield on 10-year German Bunds rose to 2.34%, French bonds inched down to 2.76%, the UK Gilts to 3.29% and Italian bonds to 4.13%.
Brent crude oil fell 95 cents to $84.13 a barrel and the Dutch TTF natural gas Spot Price fell 2% Є57.13 per MWh.
In the corporate news, Credit Suisse AG dropped 15% after the troubled Swiss bank reported its worst loss since 2008 and the company warned of another year of "substantial losses" in 2023.
Credit Agricole said quarterly profit increased because of lower loan loss provisions and a strong performance in its investment banking business.
Unilever said underlying quarterly sales growth was ahead of expectations.
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