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European stocks fall as central banks point to a more difficult 2023

European stocks and U.S. futures fell further on Friday after falling sharply in the previous session when multiple central banks warned that interest rates are likely to stay high longer to fight inflation.

The regional STOXX Europe 600 fell 1.2% in early trading, while the London FTSE 100 fell 1.1%. His S&P 500-tracked contract on Wall Street fell 1.3%, while his tech-heavy Nasdaq 100 contract fell 1%.

The move comes a week after the Federal Reserve, the Bank of England and the European Central Bank all warned of slowing the pace of rate hikes and further tightening of monetary policy.

Equity markets fell as a result, with the S&P 500 and Nasdaq Composite on Thursday suffering their biggest daily losses since November. The Stoxx 600 posted its biggest drop since May.

Agnès Beraiche, chief European strategist at Barings Investment Institute, said financial markets were “in awe” of various central bank hawks. “This is an emerging market-style repricing after a central bank meeting. It’s wild.”

Economists believe inflation has peaked in the US, UK and Europe, but the good news this week has been overshadowed by grim forecasts of slower economic growth and rising unemployment.

Yields on long-term US and German government bonds are below those on short-term bonds, signaling a softening outlook for both regions.

German 2-year bond yields rose 0.1 points to 2.47% on Friday, the highest level since 2008. st. Yields increase when prices fall.

“While other major central banks are gearing up for the end of their rate hike cycle, the ECB is giving the impression that it is just getting started,” said Carsten Brzeski, global head of macro at ING. .

Breskey said the central bank’s message that interest rates would rise “significantly” at a steady pace amounted to a “hawkish turn” and that “the last pigeon must have left the ECB building.” He added that he was suggesting

Data on Friday showed the fall in eurozone manufacturing and services activity softened more than expected in December, with the S&P Global Flash Eurozone Composite Purchasing Managers Index rising to 48.8 in December from 47.8 the previous month. A score below 50 indicates that the majority of companies have contracted from the previous month.

UK business activity slowed for the fifth month in a row in December, and the country is expected to slip into recession.over a long period of timesaid BoE President Andrew Bailey.

Meanwhile, the currency market on Friday was relatively calm after volatile trading in the previous session. The dollar traded flat against a basket of six other currencies.

Hong Kong’s Hang Seng Index rose 0.4%, Japan’s Topix fell 1.2% and South Korea’s Kospi was flat. China’s CSI 300 traded in a narrow range.

Crude oil prices fell, with international crude benchmark Brent crude dropping 2.5% to $79.17 a barrel.

https://www.ft.com/content/b39672fc-a60d-4cb2-bb3b-f659ea7d8ad1 European stocks fall as central banks point to a more difficult 2023

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