European stocks to close, US inflation data

Stocks on the move: Sweco down 7%, Taylor Wimpey down 5%

Swedish Engineering Consultancy Swego The Stoxx 600 fell more than 7% in early contracts to bottom Taylor Wimpey A drop of more than 5% led to a broader sell-off for UK housebuilders.

European markets: Here are the opening calls

European markets headed for a lower open on Thursday as investors around the world braced themselves for the latest US inflation data.

According to IG’s data, the UK’s FTSE index is expected to drop 12 points to 6,812, the German DAX down 41 points to 12,150, the French CAC down 23 points to 5,803 and Italy’s FTSE MIB down 40 points to 20,324.

Less openness in Europe comes amid mixed global sentiment, ahead of the latest US inflation measure. US stock futures A few woke up overnight Markets were mixed in the Asia-Pacific region Investors are waiting for data.

Dow Jones consensus estimates show CPI rose 0.3% in September from 0.1% in August. That would bring the annual pace of inflation to 8.1% from 8.3%.

Wednesday’s data showed that a rise in the consumer price index followed better-than-expected producer price data. The US producer price indexAggregate prices, a measure of final demand, rose 0.4% in September, beating the consensus estimate of a 0.2% increase, according to Dow Jones.

Markets are digesting the minutes released Wednesday from the September Federal Reserve meeting The central bank is expected to keep raising interest rates until inflation is seen slowing.

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One view is that some think the central bank may cut rate hikes if financial markets continue to be in turmoil.

On the data front in Europe, Germany releases final inflation data for September.

– Holly Elliott

CNBC Pro: Goldman Sachs Backs Tesla, Another Big Automaker Even During Recession

Goldman Sachs raises forecast for electric car sales Tesla Another major automaker will benefit from the inflation-reducing law.

This comes at a time when the auto industry faces several headwinds in 2023, from rising interest rates to falling consumer demand.

CNBC Pro subscribers can read more here.

– Ganesh Rao

The Fed minutes show the central bank sees more rate hikes and higher rates for a longer period of time

Federal Reserve September Meeting MinutesPublished on Wednesday, the central bank expects interest rates to continue rising and will keep them high until inflation shows signs of easing.

The minutes reflect policymakers’ deliberations ahead of the latest 0.75 percentage point increase, the third consecutive hike of that magnitude issued this year.

The central bank has been surprised by the continued pace of inflation, but remains optimistic that rate hikes will help bring inflation back under control.

– Carmen Reinicke, Jeff Cox

CNBC Pro: Is Meta a stock to buy or cheat? A bull and a bear face off

These are tumultuous times MetaInvestors have fled this year as they struggle with headwinds.

The stock fell in late September trading Low Since January 2019 – it has declined even more since then.

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Are big investors considering buying the Facebook parent, and is its stock too cheap now, or one to avoid?

CNBC “Street Signs Asia” Independent Solutions spoke to Wealth Management’s Paul Meeks and Longbow Asset Management’s Jake Dollarhyde, who faced making a bull and bear case for Meta.

Pro subscribers can read more here.

– Weissen Don

Shares close lower after an active session

All three major averages closed lower Wednesday amid gains and losses throughout the day.

The S&P 500 fell 0.33% to 3,577.03, its lowest finish since November 2020 and its sixth consecutive daily loss.

The Dow Jones industrial average closed down 28.34 points, or 0.10%, at 29,210.85. The Nasdaq Composite closed down 0.09% at 10,417.10.

– Carmen Reinicke

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