July 24, 2024

The Catholic Transcript

Complete News World

European stock markets were mostly lower, with the UK and wages on the radar

European stock markets were mostly lower, with the UK and wages on the radar

European stock markets rose for part of the day, but lost steam in the final hours of trading, with a mostly negative finish. The UK elections were an important focus, looking for details on what the situation would look like after the victory of the opposition Labor Party. Also, on the other side of the Atlantic, the highlight was the US monthly jobs (payrolls) report, which somewhat strengthened bets on the US central bank’s monetary easing, which also benefited European stocks.

As expected, Labour’s Keir Starmer was sworn in as Prime Minister of the United Kingdom this Friday the 5th, leading his party to a comfortable victory. In line with expectations, Rachel Reeves confirmed as finance minister. Reeves, who graduated from the London School of Economics (LSE) and worked at the Bank of England (BoE) earlier in his career, displayed a pro-business and pro-private investment agenda in his campaign, BBH recalled, but ING had a “legacy” to deal with, with mounting deficits and debt. Thinking about, it limits the room for maneuver.

In the London stock market, there was a signal for earlier gains, although it was affected by the deterioration seen in other markets at the end of the day. Earlier, there was a modest positive reaction in US wages, in which job creation was slightly higher than expectations, but other elements pointed to a loss of momentum in the labor market, such as an increase in the unemployment rate and lower. – An expected rise in wages, which strengthened the prospects for future interest rate cuts in the US.

On the local agenda, retail sales in the euro zone grew 0.1% in May compared with April, slightly below the 0.2% increase forecast by analysts interviewed. FactSet.

Among stocks in focus, Glencore rose 0.47% after receiving approval from Canada to buy assets from Teck Resources. Shell, on the other hand, fell 1.50%, following reports that the company plans to write down between US$1.5 billion and US$2 billion by shutting down a biofuels installation in Amsterdam, the Netherlands, and exiting an investment in a chemical plant in Singapore.

London’s stock market closed down 0.49% at 8,203.93 points, Frankfurt rose 0.06% at 18,461.29 points and Paris closed down 0.26% at 7,675.62 points. Milan was down 0.35% at 33,987.67 points, Madrid was down 0.39% at 11,023.50 points and Lisbon was down 0.04% at 6,678.60 points. Citations are preliminary. * With information from Dow Jones Newswires.