European stocks opened mixed ahead of BoE and ECB decisions
2018-09-13 09:01 am | Resource: News | No Views : 221
European major stock markets opened little changed on Thursday, awaiting the Bank of England and European Central Bank monetary policy decisions later in the day. Ahead of the opening bell, where the German Statistical Office announced annual inflation of 2% for August.
On the trade front, hopes for another round of negotiations between Washington and Beijing were renewed after the Wall Street Journal reported that a US invitation had been extended to include its largest trading partner. Yesterday, UK Minister of Finance, Dominic Rapp, said that London would not pay for exit from the EU in the event of a non-dealing scenario.
German inflation rose 2% in August on an annualized basis
Germany's consumer prices grew by 2% in August, compared to the same month last year, according to an update released by the Federal Statistics Office (Destatis) on Thursday. Looking at data on a monthly basis, the CPI rose 0.1% from July. The inflation rate was 2% for the fourth month in a row.
The increase in inflation is mainly due to higher energy product prices. Energy prices rose 6.9% in August from the same period in 2017, most notably heating oil and motor fuel prices, which increased by 29.7% and 12.4% year-on-year, respectively. Food prices rose 2.5%, while commodity prices jumped 2.7%. At the same time, the rise in service prices, on an annualized basis in August, was much smaller, rising by 1.4%.
The Consumer Price Index (CPI) stood at 1.9% in August, compared to the same month last year, confirming the interim result.
French consumer prices rise as forecast in August
Consumer prices in France grew at a steady pace in August, according to final data from the statistical office on Thursday. Consumer price inflation was 2.3 percent, the same rate as in July, in line with initial estimates published on August 31.
Inflation, based on a CPI, remained unchanged at 2.6 percent in August, as estimated. In the month, consumer prices rose 0.5 percent after a slight drop in July. Monthly inflation came in line with initial estimates.
The rebound came from a seasonal increase in the prices of manufactured products by 1.1 percent after summer sales in the metropolitan area. In addition, food price inflation accelerated to 0.3 per cent from 0.1 per cent, following those in food excluding fresh produce.
European stocks open
- German DAX rose 0.03% above the fixed level, with Commerzbank gaining 2.34%.
- The FTSE 100 was down 0.03%. The Ocado online supermarket was the worst performer where it fell 1.12%.
- In Paris, the CAC 40 index lost 0.04%. Kering luxury brand owner lost 0.48%, while Michelin tire factory jumped 2.32%.
The euro fell 0.06% against the US dollar, trading at 1.16194 at 9.19 CET. At the same time, the single European currency was flat against the British pound, reaching
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