European stocks set lower open due to recession concerns

European stocks may open in lukewarm notes Thursday, as hawkish comments from central bank chiefs have aroused fear of recession.

Asian market After the latest manufacturing and services data in June showed improvements, China’s Shanghai Composite Index rose by more than 1%, but fell sharply.

The dollar index remained high for two weeks, but US Treasury yields fell, helping to curb the fall in gold. Oil rose slightly after falling about 2% on Wednesday.

The US personal income and spending report could be in the limelight later today as it contains a reading about inflation, which the Fed is said to like.

U.S. stocks trade overnight as Fed Chair Jerome Powell reiterated his hawkish stance on the fight against inflation and warned that there was no guarantee that the Fed could design a “soft landing.” It fluctuated before the end of the year and bond yields fell.

Investors have also digested data showing that US GDP shrank at an annual rate of 1.6% in the first quarter. This is slightly higher than the previous estimate.

The Dow rose 0.3%, while the tech-heavy Nasdaq Composite Index and the S & P 500 fell slightly.

European stocks fell on Wednesday due to concerns about a recession as ECB Governor Christine Lagarde and Bank of England Governor Andrew Bailey remained hawkish.

The Pan-European STOXX 600 fell 0.7%. Germany’s DAX plunged 1.7%, France’s CAC 40 index fell 0.9%, and the UK’s FTSE 100 fell 0.2%.

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European stocks set lower open due to recession concerns

Source link European stocks set lower open due to recession concerns

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