September 21, 2023

Taylor Daily Press

Complete News World

European stock markets open lower

European stock markets open lower

Image: Deutsche Boerse AG

(ABM FN-Dow Jones) European stock markets will open lower on Thursday. IG expects an opening loss of 51 points for the German DAX, minus 22 points for the French CAC 40 and a decline of 19 points for the British FTSE 100.

European stock markets closed lower on Wednesday on concerns about rising interest rates and oil prices.

“A quiet start to the week as markets focus on the risk of higher inflation in the fourth quarter, with increasingly strong oil prices a concern for traders,” IG’s Chase Beauchamp said.

German factory orders fell by a much more than expected July 11.7% month-on-month, it was revealed on Wednesday, when a 5.0% decline had been expected in advance.

In the Eurozone, retail sales in July fell by 0.2% on a monthly basis, compared to an expected decline of 0.1% and an increase of 0.2% in the previous month. On a year-over-year basis, sales fell 1.0 percent, compared to a revised 1.0 percent decline in the previous month, when a 1.4 percent decline was initially reported.

The ISM Purchasing Managers’ Index showed that the US services sector grew faster than expected in August. On the other hand, Standard & Poor’s Global figures indicated a decline in services sector activities.

“The data point to increased stagflation risks as persistent price pressures are accompanied by near-stagnant business activity,” said Chris Williamson, an economist at Standard & Poor’s Global. “Third quarter purchasing managers’ indices so far indicate faltering economic growth, after a strong second quarter, with a renewed decline in manufacturing accompanied by a deteriorating picture in the services sector.”

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Company news

Banks and luxury goods manufacturers such as LVMH and Kering were among the biggest losers. Pernod Ricard and Hermès also lost ground.

Zumtobel reported lower sales and lower results in the first quarter of the last fiscal year and decided to lower its turnover forecast for the current fiscal year. The stock closed down 0.7 percent.

Euro Stoxx 50 4,238.26 (-0.72%)
STOXX Europe 600 454.35 (-0.56%)
DAX 15,771.71 (-0.34%)
CAC 40 7,194.09 (-0.84%)
FTSE 100 7,426.14 (-0.16%)
SMI 10,924.42 (-0.31%)
EEX 745.43 (-0.22%)
Bill 20 3,673.20 (+0.52%)
FTSE MIB 28,211.46 (-1.54%)
IBEX 35 9,314.40 (-0.83%)

US stocks

Wall Street opened lower on Thursday, according to US futures.

US stock markets closed lower on Wednesday after strong data from the services sector. Investors were concerned about rising interest rates and rising oil prices that could also lead to increased inflation, according to Capitol Securities Management.

Wednesday showed that the US economy is still overheated. The ISM Purchasing Managers’ Index showed that the US services sector grew for the eighth straight month in August. Employment rates, prices and new orders rose sharply. Incidentally, Standard & Poor’s Global reported a recession in the services sector in August.

The US trade deficit was also announced to rise in July. Exports rose 1.6 percent to $251.7 billion in July, while imports rose 1.7 percent to $316.7 billion.

Bond yields rose as investors expect the Federal Reserve to do more to combat inflation.

Meanwhile, the Fed’s Beige Book showed the US economy growing at a modest pace in July and August, thanks to a “final phase of pent-up demand” for leisure activities among US consumers. Job growth was moderate across the country. Wages are still rising, but almost everywhere in the U.S., survey respondents expect these wage increases to slow in the coming months.

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Company news

Shares of big names in the technology sector, such as NVIDIA and Apple, declined.

Apple shares fell 3.6 percent after the Wall Street Journal reported that China ordered employees of central government agencies not to use iPhones and other foreign-branded devices at work or bring them to the office. Nvidia lost 3 percent.

AMC lost 37 percent. The company may sell up to 40 million shares, or 7.7% of the outstanding capital. GameStop, another interesting stock for retail investors, closed down 2.5 percent and rose 10 percent after after-hours results.

Roku shares closed 3 percent higher after the streaming platform announced it would lay off 10 percent of its employees to control rising costs. The company also raised its expectations for the third quarter.

Harley-Davidson won by 3 percent. The Board of Directors approved the repurchase of additional shares.

Amazon shares fell 1.4 percent. The Wall Street Journal reported that the FTC regulator plans to file a lawsuit against the company later this year. In recent years, the regulator has examined whether the company actually favors its own products over its own platforms.

Dominion Energy said Tuesday it plans to sell several natural gas operations to Enbridge for $9.4 billion. Enbridge shares fell 6 percent, while Dominion was barely moving in early trading.

Shares of Block Payments, formerly known as Square, fell by 2% amid heavy trading volume. The stock has already lost more than 6% this year, following an investigation by short investor Hindenburg Research.

S&P 500 4,465.48 (-0.70%)
Dow Jones 34,443.19 (-0.57%)
Nasdaq Composite 13,872.47 (-1.06%)

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Asian stock markets fell on Thursday.

Nikkei 225 33,057.37 (-0.6%)
Shanghai Composite 3,139.82 (-0.6%)
Hang Seng 18,261.02 (-1.0%)


The euro/dollar was trading at 1.0717. When US stock exchanges closed on Wednesday, the currency pair was still trading at 1.0727 and when European stock exchanges closed it was at 1.0724.

USD/JPY 147.55 yen
EUR/USD EUR 1.0717
EUR/JPY 158.17

Overall agenda:
04:00 Export – August (Chi)
06:30 Household consumption – July (Netherlands)
08:00 Industrial Production – July (Germany)
11:00 Economic Growth – Second Quarter Final (Euro)
2:30 PM Help Requests – Weekly (US)
2:30 PM Labor Costs – Q2 Final (USA)
5:00 PM Oil Inventories – Weekly (US)

Company News:
– There are no items on the agenda

Source: ABM Financial News

ABM Financial News is a resource for stock market news, video and data, both for real-time trading platforms and trading rooms and for online and offline media publications. The information in this article is not intended to provide professional investment advice or a recommendation to make particular investments.