European action markets They are expected to open on a negative note on Friday amid negative sentiment around the world on fears that the Fed is poised to crack down on inflation. The power of the United States economy as shown in the latest release of retail sales data, appears to be pushing the Fed to tighten its anti-inflationary monetary policy. A surge in industrial production in China as well as the energy situation in Europe are also likely to weigh on market sentiment throughout the day.
European markets ended mostly with losses on Thursday, led by the CAC 40, which fell 1.04 percent. The pan-European Stoxx 600 index fell 0.65 percent. Germany’s DAX fell 0.55 percent, while Switzerland’s SMI fell 0.07 percent. However, Britain’s FTSE 100 rose 0.07 percent.
Wall Street also closed lower on Thursday amid strong retail sales. Markets saw a surprise 0.3 percent rise in retail sales, compared with a 0.4 percent fall in the previous month, as more room for the Fed to step up its fight against inflation. The Nasdaq Composite fell 1.43 percent to close at 11,552.36, while the Dow Jones Industrial Average fell 0.56 percent to close at 30,961.82.
FTSE 100 futures (December) traded 0.31 percent lower. DAX (September) futures are trading 0.93 percent lower. CAC 40 (October) futures closed 1.3 percent lower on Thursday.
The U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, hovered close to the flat line and is currently at 109.74. EUR/USD eased 0.09 percent to 0.999, while GBP/USD fell 0.04 percent to 1.1458.
December gold futures were down 0.28% at $1,672.55 a troy ounce, down from $1,677.30 on Thursday.
October WTI crude futures traded at $85.31, up 0.25 percent, while November Brent crude futures traded at $91.19, up 0.39 percent from the previous session. closing.
US stock futures pointed to negative trends, with the US 30 index ( DJIA ) down 0.55 percent and the US500 index ( S&P 500 ) down 0.67 percent.
Asian markets are trading mostly lower amid losses on Wall Street on Thursday. Australia’s S&P ASX 200 is trading more than 1.5 percent lower. Japan’s Nikkei 225, South Korea’s KOSPI and India’s Nifty 50 were down more than 1 percent. China’s Shanghai Composite is also trading nearly 1 percent lower. Hong Kong’s Hang Seng fell by more than half a percent. New Zealand’s NZX 50 index fell 0.25 percent.
August UK retail sales figures are expected before the market opens. Retail sales fell 0.5 percent, compared with a 0.3 percent increase recorded in July.
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