{"id":19804,"date":"2023-06-08T04:10:35","date_gmt":"2023-06-08T08:10:35","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/european-stocks-edge-lower-on-global-economic-concerns\/"},"modified":"2023-06-08T04:10:36","modified_gmt":"2023-06-08T08:10:36","slug":"european-stocks-edge-lower-on-global-economic-concerns","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19804","title":{"rendered":"European stocks edge lower on global economic concerns"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
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Investing.com – European stock markets retreated Wednesday, as investors digested worsening economic conditions ahead of next week\u2019s key central bank meetings.<\/p>\n

At 03:30 ET (07:30 GMT), the \u00a0index in Germany traded 0.3% lower, the \u00a0in France fell 0.3% and the \u00a0in the U.K. dropped 0.2%.<\/p>\n

rose just 0.3% on the month in April, an improvement from the previous month\u2019s revised 2.1% slump, but below the expected\u00a0increase of 0.6% as Europe\u2019s largest economy struggles to recover from its winter recession.<\/p>\n

Yet, despite this weakness in the eurozone’s main growth driver, the is widely seen as continuing its rate-hiking cycle next week.\u00a0<\/p>\n

Executive Board member Isabel Schnabel stated in an interview with De Tijd newspaper, published Wednesday, that \u201cwe have more ground to cover,\u201d and \u201cit will depend on the incoming data by how much more rates will have to increase.\u201d<\/p>\n

There are a number of ECB officials speaking Wednesday, and investors will be looking to see how popular these hawkish comments are.<\/p>\n

Data released earlier\u00a0Wednesday pointed to a weak recovery in China, Asia\u2019s largest economy and a major trading market for Europe\u2019s largest companies.<\/p>\n

China\u2019s fell to a surplus of $65.8 billion in May, its lowest level since April 2022, when COVID shut down many markets around the globe. This drop was largely driven by a bigger-than-expected 7.5% decline in in May from the same period last year, although also fell 4.5%.<\/p>\n

In corporate news, Diageo <\/span><\/span> (LON:) stock fell 0.6% after the world’s largest spirits company announced that CEO\u00a0Ivan Menezes had passed away following a brief illness.<\/p>\n

Danske Bank <\/span><\/span> (CSE:) stock rose just under 5% after Denmark’s largest lender\u00a0raised its long-term earnings target and announced plans to divest its Norwegian retail business.<\/p>\n

Oil prices retreated Wednesday after the weak Chinese trade data increased concerns about a slowdown in the country’s post-COVID economic recovery, undermining expectations that the world\u2019s largest crude importer will drive oil demand to record highs this year.<\/p>\n

Industry data released late Tuesday showed that shrank more than expected last week, but an unexpected build in gasoline stocks hit sentiment in the middle of the U.S. driving season.<\/p>\n

By 03:30 ET, futures traded 0.7% lower at $71.22 a barrel, while the contract dropped 0.8% to $75.70.\u00a0<\/p>\n

These benchmarks have now reversed all the gains made earlier this week on the surprise announcement of additional supply cuts by Saudi Arabia, the de facto leader of the OPEC cartel.<\/p>\n

Additionally, fell 0.4% to $1,972.80\/oz, while traded 0.1% lower at 1.0680.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com – European stock markets retreated Wednesday, as investors digested worsening economic conditions ahead of next week\u2019s key central bank meetings. At 03:30 ET (07:30 GMT), the \u00a0index in Germany traded 0.3% lower, the \u00a0in France fell 0.3% and the \u00a0in the U.K. dropped 0.2%. rose just 0.3% on the month in April, […]<\/p>\n","protected":false},"author":1,"featured_media":17051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-19804","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nEuropean stocks edge lower on global economic concerns | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com - European stock markets retreated Wednesday, as investors digested worsening economic conditions ahead of next week\u2019s key central\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19804\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"European stocks edge lower on global economic concerns | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters Investing.com - 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