Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

European stocks largely unchanged; German GDP shows slight improvement

Published 25/11/2022, 08:48
Updated 25/11/2022, 08:48
© Reuters.

© Reuters.

By Peter Nurse

Investing.com - European stock markets traded largely unchanged Friday in thin trading conditions, as investors digested German growth and consumer confidence data.

At 03:30 ET (08:30 GMT), the DAX index in Germany traded 0.1% lower, CAC 40 in France traded flat, while the FTSE 100 in the U.K. rose 0.1%.

Germany's economy grew by a shade more than initially thought in the third quarter, according to data released Friday, as gross domestic product expanded by 0.4%, rather than the 0.3% reported in its first reading.

On an annual basis, the German GDP grew 1.2% in the third quarter, a sharp slowdown from the 1.7% growth seen in the same quarter a year ago when Europe’s largest economy still had momentum from its post-pandemic reopening.

The forward-looking GfK German consumer climate index also showed some signs of improvement, for the second straight month, climbing to -40.2, still close to its all-time low.

Speeches by ECB’s Kerstin af Jochnick and Luis de Guindos will also be of interest Friday, a day after the accounts of the Oct 26-27 meeting showed that policymakers feared that inflation may be getting entrenched so rates would need to rise further.

The ECB has increased rates by a record 75 basis points at its last two meetings as it tries to tackle Eurozone inflation running at double digits.

Activity is likely to be muted in Europe Friday, with little impetus expected from American investors as Thursday's Thanksgiving holiday extends to an early close on Wall Street Friday.

Crude oil prices edged higher Friday, bouncing amid thin liquidity and helped by a weaker U.S. dollar, which makes the commodity cheaper for foreign buyers.

However, crude markets are still set to post a third consecutive losing week as surging COVID-19 cases in China have prompted the world’s largest oil importer to reintroduce strict lockdown measures in several major cities, hitting economic activity and thus the demand for crude.

European Union and G7 officials are also reportedly discussing a cap on Russian seaborne oil at $65-$70 a barrel, a higher range than expected, dispelling fears that Moscow will slash oil exports to prevent selling at a loss.

By 03:30 ET, U.S. crude futures traded 1% higher at $78.75 a barrel, while the Brent contract rose 0.8% to $86.01. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.

Additionally, gold futures rose 0.4% to $1,752.65/oz, while EUR/USD traded 0.1% higher at 1.0419.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.