European stock markets continue to decline on Wednesday for the sixth session in a row on investor anxiety due to further economic growth and rising interest rates in the world.
Traders are waiting for the publication of data on changes in US consumer prices in September, which may indicate how effective the tightening policy of the US Federal Reserve System (FRS) is. The report of the Ministry of Labor of the country will be published on Thursday at 15:30 square meters. Analysts expect U.S. inflation to slow to 8.1% last month from 8.3% in August, according to Trading Economics.
The composite index of the largest enterprises in Europe Stoxx Europe 600 fell by 11:20 qoq by 0.4% to 386.39 points.
The German DAX is losing 0.4%, the French CAC 40 – 0.18%, the British FTSE 100 – 0.1%. The Italian FTSE MIB and the Spanish IBEX 35 are down 1% each.
UK GDP in August fell by 0.3% in monthly terms after rising by 0.1% in July, data from the country’s statistics agency ONS showed. Experts on average expected that the volume of the country’s economy in the month before last would not change compared to July, according to Trading Economics.
In annual terms, UK GDP growth slowed to 2% from 3.1% in July.
Industrial production in the UK fell 1.8% in August from July after falling 1.1% a month earlier, the ONS report also said. At the same time, the volume of production in the manufacturing industry fell by 1.6%, in the mining industry – by 8.2%, and in power generation – by 0.6%.
In annual terms, industrial production in the country in August fell by 5.2% compared with a decline of 3.2% a month earlier.
The UK trade deficit widened to £7.1bn ($7.8bn) last month from £5.4bn in July. Imports rose 4.3% m/m to a record £75.3bn, exports up 2.2% to £68.2bn.
Consumer goods and medical equipment maker Royal Philips NV shed 8.4%. The Dutch company said its third-quarter like-for-like sales were down about 5% due to stronger-than-expected problems in its electronics supply chains.
Among the decline leaders in the Stoxx 600 is also TAG Immobilien AG (-9.3%), which operates in residential real estate.
Meanwhile, LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury goods maker, is up 2.2%. The company on Tuesday evening after the close of trading published a statement in which it said that its revenue in the third quarter of 2022 increased by 27%, surpassing market forecasts.
Danish biopharmaceutical company Chr. Hansen Holding AS surged 12.7% after posting strong third-quarter results and a promising full-year outlook.
