Euro markets fall after inflation in Britain

LAST UPDATE: 11.15

Major European indexes continued to trade in negative territory, pointing to an end to their five-session winning streak as data on record inflation in Britain weighed on sentiment.

In particular, the pan-European index Stoxx 600 it is moving with losses of 0.3% and is at 441.92 points, with the shares of raw materials companies falling by 1.2%, while the food and beverage sector strengthens by 0.7%.

The pressures on European high capitalization are slightly greater, with Stoxx 50 to decline by 0.46% moving to 3,782 units.

In the individual boards, the German DAX it now records losses of 1% and retreats to 13,770 units, the French CAC 40 slipping by 0.5% to 6,558 units, and the British FTSE 100 loses 0.46% to 7,506 points.

In the periphery, the Italian FTSE MIB moves with a slight fall of 0.2% to 22,964 units and the Spanish IBEX 35 it loses 0.6% moving to 8,465 points.

Euro markets are looking to maintain the positive momentum of recent days against concerns about the risk of a recession in the Eurozone due to global tight monetary policy aimed at taming inflation, but fresh data on rising prices in Britain weighed on sentiment.

In particular, the UK consumer price index rose more than expected last month at its highest level in 40 yearsincreasing pressure on both consumers and the government and the Bank of England to take action.

The CPI rose 10.1 percent in July from a year earlier, following a 9.4 percent rise in the previous month, the country’s National Statistics Office said. Economists were expecting a rate of 9.8%.

In the field of results, Uniper recorded net losses of more than 12 billion euros in the first half of 2022with the now German state-supported utility providing a typical example of the depth the energy crisis has taken in Europe.

In this climate, its title recorded strong losses of around 8%.

In contrast, Tecan Group rallied 10% to top the Stoxx 600 after the Swiss lab instruments company beat expectations for first-half earnings and upgraded its full-year sales outlook.

At other times of the day, the growth of the Dutch economy accelerated at a rate of 2.6% in the second quarter compared to the previous quarter.