{"id":51472,"date":"2023-08-22T06:32:14","date_gmt":"2023-08-22T10:32:14","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/european-stocks-higher-german-inflation-retreats-china-cuts-interest-rate\/"},"modified":"2023-08-22T06:32:17","modified_gmt":"2023-08-22T10:32:17","slug":"european-stocks-higher-german-inflation-retreats-china-cuts-interest-rate","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51472","title":{"rendered":"European stocks higher; German inflation retreats, China cuts interest rate"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com – European stock markets edged higher Monday, helped by a hefty drop in German producer prices even after China\u2019s smaller-than-expected rate cut.<\/p>\n

At 03:35 ET (07:35 GMT), the index in Germany traded 0.5% higher, the in France climbed 0.8%, while the in the U.K. rose 0.2%.<\/p>\n

German producer prices fall<\/strong><\/h2>\n

German dropped 1.1% on the month in July, a hefty annual fall of 6.0%, an indication that inflationary pressures are retreating in the eurozone\u2019s dominant economy.<\/p>\n

Economic difficulties in Germany are acting as a major drag on growth in the eurozone as a whole and threatening to push it into a recession, forcing a change of tune at the European Central Bank.<\/p>\n

ECB President hinted at a pause of the central bank\u2019s prolonged hiking cycle at its last meeting in July, and her speech at Jackson Hole on Friday will be carefully parsed for clues on the central bank\u2019s next move in September.<\/p>\n

That said, it will be the speech by Fed Chair on the same day that will be the highlight of the symposium, as investors look for clarity on the economic outlook and the future path of from the world\u2019s most important central bank.<\/p>\n

China\u2019s small rate cut disappoints<\/strong><\/h2>\n

The People\u2019s Bank of China announced earlier Monday that it was cutting its one-year by 10 basis points, to 3.45% from 3.55%, while keeping unchanged at 4.20%.<\/p>\n

This move has largely been seen as underwhelming, as most analysts had expected a 15 basis point cut for each rate as the country grapples with slowing economic activity.<\/p>\n

The deepening crisis in China\u2019s property sector along with worries about contagion risks could have a destabilizing impact on the world\u2019s second-largest economy, which is also a major export market for many of Europe\u2019s largest companies.<\/p>\n

U.K. housing market slumps<\/strong><\/h2>\n

Back in Europe, data released late Sunday showed that declined at the fastest pace for the month of August since 2018, dropping 1.9% year-on-year, according to real estate company Rightmove.<\/p>\n

Crest Nicholson <\/span><\/span> (LON:) stock slumped over 12% after the U.K. house builder issued a profit warning, saying trading conditions worsened during the summer reflecting high inflation and rising interest rates.<\/p>\n

Crude edges higher on tight supplies<\/strong><\/h2>\n

Oil prices rose Monday, rebounding after last week\u2019s selling, helped in part by the Chinese rate cut and also by expectations of lower output from a group of top producers in August.<\/p>\n

The crude market weakened last week, ending a 7-week winning streak, on concerns higher U.S. interest rates and China’s slowing economic recovery will hit oil demand.<\/p>\n

However, the prospect of tighter supplies, following deep output cuts from Saudi Arabia and Russia this year, the two leading producers in the group known as OPEC+, have helped support prices.<\/p>\n

By 03:35 ET, the futures traded 0.9% higher at $81.36 a barrel, while the contract climbed 0.9% to $85.54.<\/p>\n

Additionally, rose 0.1% to $1,918.25\/oz, while traded 0.1% higher at 1.0886.<\/p>\n<\/div>\n

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

\u00a9 Reuters. Investing.com – European stock markets edged higher Monday, helped by a hefty drop in German producer prices even after China\u2019s smaller-than-expected rate cut. At 03:35 ET (07:35 GMT), the index in Germany traded 0.5% higher, the in France climbed 0.8%, while the in the U.K. rose 0.2%. German producer prices fall German dropped […]<\/p>\n","protected":false},"author":1,"featured_media":51473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-51472","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nEuropean stocks higher; German inflation retreats, China cuts interest rate | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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