Euro markets continued to move higher today as investors adjust their expectations for monetary policy after better-than-expected US inflation data released yesterday.
In this climate, the pan-European Stoxx 600 gaining 0.44% to 441.80, with construction leading gains up 1% and materials falling 0.75. At the same time, the other pan-European Stoxx 50 increases by 0.44%.
In the rest of the board, the German DAX adds 0.34%, the British FTSE 100 the French also gains 0.07% CAC-40 moving up by 0.57%.
In the periphery, the Spanish IBEX – 35 the Italian also gains 0.44% FTSE MIB adds 0.64%.
Euro markets rallied yesterday as data released yesterday showed US consumer prices rose 8.5% year-on-year in July, slowing from the previous month largely due to falling oil prices. Economists had expected an annual increase of 8.7%.
The US Federal Reserve will closely scrutinize inflation data for the path of monetary policy tightening ahead of its September meeting.
Earlier, Asian stocks were higher, also getting a boost from better-than-expected US inflation data that has boosted hopes for less aggressive rate hikes from the Fed.
In the meantime, today’s focus is also on corporate results, where Deutsche Telekom and NN Group, among others, made announcements.
Source: Capital
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