Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News
All NewsCompaniesIndexesCurrency / ForexCommoditiesCryptocurrenciesETFInterest RatesEconomyThemesSectors 

Europe's STOXX 600 drops 1% ahead of German inflation data

09/29/2022 | 03:20am EST
German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - Europe's STOXX 600 index fell on Thursday, led by declines in shares of Swedish group H&M after dismal earnings, with investors awaiting a reading on German inflation data for clues on interest rate hikes by the European Central Bank.

The continent-wide STOXX 600 index was down 1.1% by 0708 GMT, failing to track a 2% surge on Wall Street overnight and as the boost provided by the Bank of England's emergency bond buying move fizzled out.

H&M slid 6.9% after the world's second-biggest fashion retailer reported a significant drop in its third-quarter pretax profit amid cost inflation, slowing consumer spending and one-off expenses related to its exit from Russia.

The wider STOXX retailers index dipped 4.1%, most among all the sectoral indexes.

Germany's DAX index fell 0.9% ahead of a preliminary reading on the country's inflation data due later in the day.

Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), is expected to increase by 10% on the year in September, following a 8.8% rise in August.

The hot inflation figure would come at a time when several ECB policymakers are backing another large rate hike-of as much as 75 basis points-in October to combat surging price pressures.

The ECB has raised rates by a combined 125 basis points over its past two meetings.

Euro zone economic sentiment data for this month is also scheduled at 1000 GMT.

(Reporting by Devik Jain in Bengaluru; Editing by Savio D'Souza)


ę Reuters 2022
Latest news "Economy"
03:02aNigerian artist's exhibition showcases food preservation methods
RE
03:00aGhana reaches deal with insurers on domestic debt exchange
RE
02:58aThailand's ruling party picks veteran kingmaker Prawit as PM candidate
RE
02:56aNorway presents plan linking power exports to water reservoir levels
RE
02:54aUK sub-prime lender Amigo says interest in capital raise below target
RE
02:47aVestas 2022 revenue below guidance, sees lower activity this year
RE
02:46aTorrential rains, flash floods lash Auckland; Elton John concert cancelled
RE
02:43aU.N. condemns M23 rebel offensive on Congo town, hundreds flee
RE
02:42aU.S. military operation kills Islamic State leader in Somalia - officials
RE
02:40aSouth African rand weakens after smaller rate hike
RE
Latest news "Economy"