Breaking News
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% Upgrade now

European Stocks Edge Higher; Weak Chinese Data Hits Sentiment

Stock Markets Aug 15, 2022 09:30
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
EUR/USD
-1.31%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UK100
-0.88%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAU/USD
-1.00%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FCHI
-1.27%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE30
-1.53%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
HNKG_p
-0.80%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse 

Investing.com - European stock markets largely edged higher Monday, starting the new week on a cautious note as investors digested weak Chinese economic data.

By 04:15 ET (08:15 GMT), the DAX in Germany traded 0.1% lower, but the CAC 40 in France rose 0.2%, and U.K.’s FTSE 100 traded 0.2% higher.

Economic data released earlier Monday showed China’s economic growth rate unexpectedly slowing in July, prompting the country’s central bank to cut key lending rates in a surprise move.

Industrial output grew 3.8% in July from a year earlier, with the growth rate below the 4.6% increase expected, while retail sales rose 2.7% from a year ago, missing forecasts for 5.0% growth and the 3.1% growth seen in June.

China's economy, the world’s second largest, is struggling to shake off the June quarter's hit to growth from strict COVID restrictions.

On the flip side, back in Europe, Denmark’s economy grew faster than expected in the second quarter, expanding 0.7% from the first three months of the year, after GDP contracted 0.5% in the first quarter of 2022.

The European Central Bank raised interest rates by a half-point in July and is expected to do the same in September, even though the risk of a Eurozone recession has reached the highest level since November 2020 as energy shortages threaten to drive already record inflation higher still.

In corporate news, AstraZeneca (LON:AZN) (NASDAQ:AZN) stock rose 2.6% after the drugmaker said its cancer drug, Enhertu, delayed the progression of a form of advanced breast cancer in previously treated patients, boosting prospects of more regulatory approvals.

Henkel (ETR:HNKG_p) stock rose 0.4% after the German consumer-goods company said sales rose in the first half of the year but that earnings fell, hurt by increasing raw-material and logistics prices.

Oil prices fell Monday, weighed by a potential increase in supply by oil giant Saudi Aramco (TADAWUL:2222) as well as concerns of slowing growth in China, the world's second-largest economy.

Saudi Aramco stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day if requested to do so by the Saudi Arabian government, Chief Executive Amin Nasser said Sunday, as the state-owned energy firm announced one of the largest quarterly profits in history.

By 04:15 ET, U.S. crude futures traded 1.9% lower at $90.39 a barrel, while the Brent contract fell 1.7% to $96.49. 

Additionally, gold futures fell 0.7% to $1,802.15/oz, while EUR/USD traded 0.3% lower at 1.0229.

 

European Stocks Edge Higher; Weak Chinese Data Hits Sentiment
 

Related Articles

What's Going On With TOP Ships Stock?
What's Going On With TOP Ships Stock? By Benzinga - Oct 05, 2022

TOP Ships Inc (NASDAQ: TOPS) shares are trading higher Wednesday. The stock has been trending higher on elevated volumes since the company provided an update on its performance in...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email