European stock markets were in turmoil ahead of the US inflation data.
- The benchmark Stoxx 600 index advanced 0.22%
- Retail shares continued to rise on Thursday, rising 0.73%
- Food and beverage stocks rose 0.72%
Banks, however, fell 0.4%, with Swedbank, one of the worst performing European stocks, down 5.12%.
The Federal Reserve monitors the US Consumer Price Index, and investors will watch the key indicator for interest rate direction after recent market volatility.
Statistics this morning showed a pullback in German retail sales, while the UK economy advanced 0.13% in the fourth quarter of 2022.
According to the preliminary analysis of Germany, inflation is 7.9%, lower than the previous month.
Policymakers at the European Central Bank said this week that raising interest rates is important, but that it may come at a slower pace. In March, the ECB advanced 50 basis points.
The Stoxx 600 Index had another successful session on Thursday, closing 1.2% higher, with banks advancing 1.6% as investors still await the results of recent swings.
The economy contracted by 0.12% in the third quarter and the Bank of England forecast that the UK would enter a mild and prolonged recession that would last until 2024. However, the Chancellor of the Exchequer does not believe that the UK will going into recession at the beginning of this month.
The British economist at Pantheon Macroeconomics noted that UK quarterly GDP is 0.62% lower than it was before the pandemic, 5.12% higher in the US, 1.31% in France and 1.31% higher in France. 1.92% in Italy.
Asia-Pacific markets rise
Asia-Pacific markets rallied further as technology stocks continued to enjoy renewed interest and posted some gains on Wall Street.
Investors also watched the US Consumer Price Index.
In Japan, the Nikkei 225 increased 0.94%, reaching 28,041.49, and the Topix rose 1.03%, totaling 2,003.6, given the stagnation of the Tokyo inflation rate since December at 4.4%.
The South Korean Kospi advanced 0.97% to close the session at 2,476.87, while the Kosdaq fell 0.36%.
Hong Kong’s Hang Seng Index lost some of its earlier momentum and closed up 0.65% after the end of the trading hour. The Hang Seng Tech Index saw an increase of 0.92%.
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