Thursday, 20 June 2024
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EuropeStock Market

Ahead of this week’s U.S. inflation statistics, European stocks are declining

  • The Stoxx 600 had dropped 0.15%, with most sectors seeing negative activity.
  • The largest underperformer was the oil and gas industry, which saw a 1.8% decline.
  • In France, Airbus shares increased 2.45%.

Monday’s weaker open on European markets maintained the pessimistic outlook that pervaded early trade in 2024. By 12:30 p.m. London time, the Stoxx 600 had dropped 0.15%, with most sectors seeing negative activity.

The largest underperformer was the oil and gas industry, which saw a 1.8% decline after Saudi Arabia revealed pricing reductions to Asian clients. Bank stocks saw a 0.2% increase in the interim.

Asia-Pacific markets

Due to weak stocks throughout the first trading week of the year, the pan-European index finished 0.3% lower on Friday. For more economic data and potential Federal Reserve rate cuts, investors throughout the world will be watching U.S. inflation figures and large bank earnings.

The producer price index is expected on Friday, and the December consumer price index is scheduled for release on Thursday. After a dismal start to 2024 for the major averages, U.S. market futures saw minimal movement.

On Monday, the Asia-Pacific markets gave back their early gains, with Hong Kong equities leading the declines. Following the Federal Aviation Administration’s decision to temporarily ground several Boeing 737 Max 9 aircraft, Boeing shares experienced a decline during premarket trading on Monday.

In France, Airbus shares increased 2.45%. Approximately 171 Boeing aircraft worldwide are the subject of inspection orders from the Federal Aviation Administration.

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