Stock indices of Western European countries are rising during trading on Monday.
The composite index of the largest companies in the region Stoxx Europe 600 by 12:19 Moscow time increased by 0.96% and amounted to 424.39 points.
The German DAX rose 1.7%, the French CAC 40 rose 1.32%, and the British FTSE 100 also rose 1.32%. The Italian FTSE MIB and the Spanish IBEX 35 gained 1.91% and 1.29% respectively.
The focus of traders this week is US inflation data for August, which will be carefully assessed by the Federal Reserve System (Fed) during the September meeting. The indicator will be published by the US Department of Labor on Tuesday at 15:30 Moscow time.
Experts, however, consider it unlikely that even in the event of a weakening of August inflation, the Fed will refuse another rate hike by 75 basis points (bp) in September, Bloomberg notes. Last week, US Central Bank Governor Jerome Powell reaffirmed the Fed’s readiness to “act decisively” to slow down US consumer price growth.
Meanwhile, the European Central Bank (ECB) raised all three key interest rates by 75 bps last week. and stated that he intended to continue to increase them in the next few meetings.
The volume of industrial production in the UK in July unexpectedly fell by 0.3% compared with the previous month, official statistics showed. A month earlier, the figure fell by 0.9%. Analysts had expected it to rise 0.4% in July, according to Trading Economics.
UK exports in July 2022 were down 4.2% from the previous month to £61.05 billion, according to data from the National Statistics Office (ONS). Imports fell 1.6% to £68.84 billion.
The UK foreign trade deficit narrowed to £7.8bn in July from £11.4bn a month earlier. This is the lowest figure since last December.
Shares of Deutsche Lufthansa AG rise in price by 2.6%. The German airline has entered into an agreement with the trade union Vereinigung Cockpit to raise the salaries of pilots.
Electrolux AB drops 0.6%. The Swedish company, one of the world’s largest home appliance manufacturers, is launching a cost-cutting program amid weaker-than-expected market demand and underwhelming third-quarter results.
Among the growth leaders among the components of the Stoxx Europe 600 indicator are shares of the German energy company Uniper SE, which are rising in price by 7.1%.
