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European stocks opened lower ahead of data from the euro zone

2019-07-10 07:45 am | Resource: News | No Views : 43

 European stocks opened lower ahead of data from the euro zone

European stocks opened lower on Wednesday ahead of US Federal Reserve Chairman Jerome Powell's testimony, which may hint at a future rate cut.

Earlier, Fitch warned that friction between Italy and the EU regarding the financial framework could reappear in the future, while the new chief economist at the European Central Bank Philippe Lan ignored the possibility of a recession within the eurozone.

Data on UK industrial production, gross domestic product (GDP) and trade balance will be published during the session.

Britain's exit from the EU without an agreement would have a worse economic impact on Ireland than the UK

At the British level, British Minister of the United Kingdom Stephen Barkley claimed that the impact of the UK leaving the EU without an agreement would be greater for the Irish economy than its impact on the UK. After a meeting with EU chief negotiator Michel Barnier, Barclay said that "the EU is also aware that there is no deal in the interest of either side" and that the UK and Ireland must find a solution to avoid this scenario as well as a difficult border between the two countries.

"If we look at, for example, 40 per cent of exports going through Dover, so when I read accounts that there would be queues in Dover, there would be no waiting lists with goods in the UK , The queues will also be with 40 percent of Irish exports in, "Barclay argued.

European Stocks Open
  • The FTSE 100 was down 0.14% shortly after the opening bell, with Micro Focus International down 2.27%.
  • The DAX was down 0.18% with Adidas AG and EONC being the worst components, losing 0.76% and 0.65%, respectively.
  • The French CAC 40 was 0.17% lower in the negative territory as Legrand continued its decline, losing 0.86% after the opening bell.

The euro was up 0.18% at $ 1.12018 at 5:46 CET. The pound was up 0.28% at $ 1.26934. Oil traded in the red zone but yesterday's highs, not seen since March.

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