BERLIN, Sept 1 — European stocks edged closer to record highs today as fresh signs of weakness in Asian economies were offset by hopes for more stimulus, while investors shook off concerns about rising inflation.
Asian shares recovered from earlier losses after data showed factory activity across the region lost momentum in August, spurring hopes of more stimulus from central banks. Investors were unsettled after data yesterday showed euro zone inflation surged to a 10-year-high in August, while a European Central Bank policymaker called on the bank to reduce its emergency bond purchases as soon as the next quarter.“Elevated inflation in the US and Europe, weak retail sales in Germany and a slowdown in China all suggest that the market should be factoring in a temporary slowdown in economic activity,” Sebastien Galy, senior macro strategist at Nordea Asset Management said.
Data due later in the day is likely to show euro zone unemployment rate dipped to 7.6 per cent in July from 7.7 per cent in the previous month.French spirits maker Pernod Ricard rose 3.3 per cent after it posted a stronger-than-expected rise in full-year operating profit, driven by a strong rebound in demand in China and the United States.
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