Latest News

European shares end five-day losing streak, still down for the week

0

European shares end five-day losing streak, still down for the week By Reuters

Breaking News

‘;

Economy 3 minutes ago (Sep 02, 2022 17:20)

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 1, 2022. REUTERS/Staff

By Anisha Sircar and Shreyashi Sanyal

(Reuters) – European stocks rose 2% on Friday, clocking gains for the first time in six days after key U.S. jobs data eased bets of a more aggressive Federal Reserve, but logged their third straight week of falls on concerns over a spike in energy prices.

The pan-European STOXX 600 rose 2.0%, but clocked a weekly decline of 2%.

Data showed U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate could ease pressure on the Fed to deliver a third 75 basis point interest rate hike this month.

“If wage growth continues to moderate along with prices for goods and services the Fed may find a window to ease back on the pace of hiking, an event that would surely set up a relief rally in equities,” said Peter Essele, head of portfolio management at Commonwealth Financial Network.

Investors sharply raised bets this week on a large 75 bps rate hike from the European Central Bank at its meeting next Thursday following hawkish commentary from policymakers and another record high inflation print in August. [GVD/EUR]

Money markets priced in an 80% chance of a 75 bps hike at the meeting, compared with less than 50% last Friday, per Refinitiv data.

Flows of Russian gas via the Nord Stream 1 pipeline to Germany remained at zero on Friday morning after Russia’s Gazprom (MCX:GAZP) halted supplies for a three-day maintenance outage on Aug. 31.

“I think the global economy, especially the European economy, remains hostage to what Russia decides to do with gas flows, at least for this coming winter. We just have to brace for more potential trouble coming that way from Russia,” said Andrea Cicione, head of strategy at TS Lombard based in London.

Credit Suisse (SIX:CSGN) rose 6.1% following reports that Switzerland’s second-biggest bank is considering cutting around 5,000 jobs in a cost-reduction drive.

Ryanair (LON:RYA) firmed 2.0% as the Irish low-cost carrier saw a record number of passengers in August for the fourth straight month.

Philips slumped to its lowest level since July 2012 after a subsidiary of the Dutch medical device maker agreed to pay more than $24 million to resolve alleged false claims over respiratory-related medical equipment, the U.S. Justice Department said.

Lacklustre August sales by Volvo Cars pushed shares of the Swedish automaker down 1.9%.

Miners fell the most, shedding more than 6% this week as metals’ prices dropped on renewed concerns that China’s zero-tolerance COVID-19 policy and rate hikes would dent demand for commodities. [MET/L]

(Graphic: Euro vs dollar, https://fingfx.thomsonreuters.com/gfx/mkt/gdvzyxqwapw/Euro.PNG)

European shares end five-day losing streak, still down for the week

Next British PM to be revealed at 1130 GMT on MondayBy Reuters – Sep 02, 2022

LONDON (Reuters) – The result of the British Conservative Party leadership contest will be announced at 1130 GMT on Monday, the party said on Friday. Polls have projected foreign…

Six arrested over climate protest inside British parliamentBy Reuters – Sep 02, 2022

LONDON (Reuters) – Six individuals were arrested over a protest by the Extinction Rebellion environmental group inside Britain’s parliament on Friday, London police said on…

Stocks zoom up, dollar retreats on US jobs dataBy Reuters – Sep 02, 2022

By Carolyn Cohn and Koh Gui Qing NEW YORK/LONDON (Reuters) – World stocks rallied on Friday while the U.S. dollar retreated from a 24-year high on the yen, after data that showed…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Next British PM to be revealed at 1130 GMT on Monday

Previous article

Poland’s financial regulator says WIRD to replace WIBOR as interest rate benchmark

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News