By Peter Nurse
Investing.com – European stock markets traded largely unchanged on Thursday as investors were wary of the state of the global economy ahead of crucial central bank meetings next week.
As of 04:15 ET (09:15 GMT), the in Germany was trading up 0.1%, in France up 0.1%, while the in the UK fell 0.1%.
European investors appear reluctant to engage in much activity as the week draws to a close, having been rattled by pessimistic comments from senior executives at a number of leading banks predicting that tighter conditions currencies will likely lead to a global recession in 2023.
Next week, policy-making meetings will take place in the United States and the United States, and these two major central banks are both expected to raise interest rates to combat inflation still at high levels.
While the ECB is expected to follow the Fed with a 50bp hike, there is a hawkish group within Europe’s main central bank that wants a third successive 75bp hike, even after the eurozone crashes. for the first time in 18 months.
In corporate news, Frasers (LON:) stock fell 4% after the retailer’s core sports retail business in the UK performed poorly, dropping 3, 1%. That said, the group’s exit from its discount sporting goods retail business seems timely as it remains confident of meeting its full-year profit target.
DS Smith (LON:) shares rose 2.1% after the British packaging group raised its full-year guidance and increased its dividend by 25%, while British American Tobacco ( NYSE 🙂 fell 3% after the tobacco giant declined to provide a full-year guidance for its combustible cigarette brands, relying on growth in its e-cigarettes and oral nicotine products .
There is little on the European economic calendar on Thursday, but the appearances of the various central bankers, including the President of the ECB, will be studied carefully.
Crude oil prices rose on Thursday, rebounding from falling to year-to-date lows, although gains are tepid as fears of a global economic slowdown grow.
The market received a boost with data released on Wednesday showing a bigger than expected contraction last week, while China’s easing of more of its COVID-related mobility restrictions also helped the market. feeling.
However, concerns over demand growth, particularly from the US market, the world’s largest consumer, remain the dominant influence on the rough market.
As of 4:15 a.m. ET, futures were trading up 0.9% at $72.69 a barrel, while the contract was up 0.7% at $77.68.
Brent settled below the previous year-end low reached on the first day of 2022 on Wednesday, while the US contract fell to a new yearly low.
Additionally, it edged down 0.1% to $1,796.15/oz, while trading 0.1% higher at 1.0514.