2023-05-11 18:40:45
The European Stoxx 600 index settled at the close
There was no change in the European Stoxx 600 index today, Thursday, as the losses of the German company Bayer and energy stocks dispelled previous hopes that the Federal Reserve (the US central bank) would stop the campaign to raise interest rates, supported by US economic data.
The pan-European Stoxx 600 index was flat, following rising 0.7% earlier in the day.
And a group of the latest data on inflation and the labor market in the United States provided new evidence that the largest economy in the world is losing steam, and raised hopes that the Federal Reserve would stop raising interest rates, according to Archyde.com.
The European Stoxx 600 index has moved in a narrow range in recent weeks as investors anticipate the movements of US and European monetary policies, in addition to the possibility of a recession in the United States following the violent increases in interest rates and the recent turmoil in the banking sector.
A European Central Bank survey showed that consumers in the euro zone raised their inflation expectations in March even as the rate of price increases fell and the European Central Bank continued to raise interest rates.
Bayer shares recorded the biggest decline on the European Stoxx 600 index, falling 7.5% to its lowest level in one day in nearly two years, following the company warned that 2023 results may come at the lowest scores of the target range, affected by the cost increase and lower prices of herbicides that contain it. glyphosate.
Energy stocks were among the hardest hit, falling 1.6% following the drop in oil prices.
Meanwhile, Britain’s FTSE 100 fell 0.1% following the Bank of England raised interest rates by 25 basis points to 4.5%.
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