Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

European stocks edge lower; Credit Suisse gains ahead of U.S. PPI data

Stock Markets Dec 09, 2022 17:20
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
+0.29%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UK100
-0.13%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
-0.26%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US500
+0.25%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FCHI
-0.77%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE40
-0.90%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse

Investing.com - European stock markets edged lower in nervous trading Friday as investors look to the latest U.S. inflation data amid growing recession worries.

At 04:00 ET (09:00 GMT), the DAX index in Germany traded flat, while CAC 40 in France traded down 0.1% and the FTSE 100 in the U.K. dropped 0.3%.

Equity markets have had a difficult week - with the broad-based S&P 500 index heading for a loss of 2.6% on Wall Street and the DAX index in Frankfurt set to lose 1.8% - as investors worried that tightening monetary conditions will likely result in a global recession in 2023.

Next week sees policy-setting meetings by the U.S. Federal Reserve and the European Central Bank, and both central banks are expected to hike interest rates once more to tackle inflation still at elevated levels.

The spotlight Friday will firmly be on U.S. producer price inflation figures later in the session for more clues about the health of the U.S. economy.

PPI is expected to have climbed 0.2% on the month in November, an annual rise of 7.2%, which would be a drop from 8.0% the prior month.

Back in Europe, Spanish industrial production rose 2.5% on the year in October, a drop from the 3.6% growth the prior month.

In corporate news, Credit Suisse (SIX:CSGN) stock rose 1.9% after the embattled Swiss lender announced late Thursday that it has raised CHF 2.24 billion ($1=CHF0.9333) as a result of a capital raise, in addition to the CHF 1.8B raised from an earlier placing of stock with a group of institutional investors led by Saudi National Bank.

AB Foods (LON:ABF) stock fell 0.7% despite the retailer confirming its 2023 financial guidance, noting lingering inflationary pressures.

Crude oil prices stabilized around one-year lows Friday, and are still set to close the week with heavy losses on worries that the global economy is heading for a recession in 2023.

News that the Keystone pipeline between U.S. and Canada was closed after a spill in Kansas helped sentiment, but the disruption in supply isn’t expected to last long.

By 04:00 ET, U.S. crude futures traded 0.2% higher at $71.60 a barrel, while the Brent contract traded 0.1% higher at $76.22.

The two contracts were also set to lose about 10% this week, having previously fallen to their weakest levels since December 2021.

Additionally, gold futures rose 0.1% to $1,803.50/oz, while EUR/USD traded 0.1% higher at 1.0562.

European stocks edge lower; Credit Suisse gains ahead of U.S. PPI data
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email