Market Pulse - Europe
OPEC+ rubber stamps crude oil output quota increase for August
The world's largest grouping of crude oil exporting countries went ahead with plans to raise its permitted output ceiling, as expected.
BoE's Bailey leaves door open to 50bp hike but says economy "at something of a turning point"
The head of the Bank of England walked a fine line between hawkishness and its gradual approach to interest rates up until now at the European Central Bank Forum in Sintra, Portugal.
German CPI surprises to the downside thanks to government measures
Consumer price inflation in the euro area's largest economy surprised to the downside in June, but some economists expected the relief to be short-lived.
Spanish CPI jumps past economists' forecasts in June
The cost of living in Spain grew at its fastest clip since the middle of 1985 in June, stoked by fuel prices and those for food and non-alcoholic beverages.
Euro area money supply growth data for May are a 'red alert', economist says
Lending to companies in the euro area picked up heartily last month, but for some economists the ongoing decline in so-called 'narrow money' was a "red flag" heralding a big drop in loans to the private sector over the next six to nine months.
ECB set to tighten gradually while keeping options open, Lagarde says
The European Central Bank will start raising interest rates gradually when the governing council met during the following month, Christine Lagarde said.
London close: Stocks start week on front foot with miners pacing gains
London stocks were firmer by midday at the start of the week, with miners pacing the advance as sentiment was boosted by a further easing of Covid restrictions in Beijing and Shanghai, G7 leaders announced plans for a multi-billion dollar infrastructure package and as investors scaled back Federal Reserve rate hike expectations.
Sunday newspaper round-up: Ukraine, Gas rationing, Shadow banking
France and the UK will organise a summit to bolster ties. The announcement follows a pledge from the leaders of both countries to help Ukraine through a military surge to stop Moscow. A day before, Emmanuel Macron and Boris Johnson had agreed that an outright defeat of Russian forces was still the best outcome. Failing that, Ukrainian President, Volodymyr Zelenskiy needed to be in the best possible position to reach a deal. - The Sunday Times.
Zalando warns on profits, shares slump
Online retailer Zalando issued a profit warning on Friday as the ongoing cost-of-living crisis weighed on demand.
Europe close: Economic fears hit stocks, bolster government bonds
European markets finished near their session lows on Thursday after the release of a spate of weaker-than-expected Purchasing Managers' Indices for euro area factory and services activity.
Europe close: Stocks start week on front foot but analysts cautious
European stocks put in slight gains at the start of the week with investors eyeing the latest election results in France and Spain.
Sunday newspaper round-up: 'Prolonged war', Asda, IAG
The Prime Minister called on the West's leaders to steel themselves for a prolonged war in Ukraine, saying that if not they risked the "greatest victory for aggression in Europe since the Second World War". He also pushed Britain's allies to hold their nerve and make sure that Kyiv had the "strategic endurance to survive and eventually prevail. " According to Boris Johnson, the price of a rushed settlement in Ukraine would not be worth paying. "Imagine for a moment that Vladimir Putin’s visions of glory were to come true.
Europe close: Stocks end on mixed note after bruising week
European stocks gave back some of their early gains on Friday to finish on a mixed note after a bruising week of selling following rate rises in the US, UK and Switzerland in response to inflationary worries.
Week ahead: BoE speakers, Fed's Powell in the spotlight
Central bankers will continue to be in focus over the coming week with of the Bank of England's top officials set to deliver remarks.
Opportunity knocks, BofA says
Financial markets have reached a critical juncture with positioning across asset classes as bearish as at any time seen since August 2002, July 2008, 11 September, September 2015, January 2016 and March 2020, but opportunity might be about to knock on investors' door, said strategists at Bank of America.
Euro area CPI rises at record pace in June, energy and food prices pace gains
Euro area consumer prices rose at a record clip last, revised data confirmed, pushed higher energy and food prices in particular.
RBC slashes Ferguson target price on rising discount rates
Analysts at RBC slashed their target price for Ferguson's shares in response to rising market interest rates and the "limited" number of short-term catalysts for the shares.
London midday: Stocks gain on news of ECB emergency meeting
London stocks were rising moderately come midday Wednesday, buoyed by reports that the European Central Bank might be set to act to calm the storm sweeping across euro area bond markets and thanks to encouraging data out of China.
Sector movers: Banks buck falling market
Banks' shares managed to swim against the tide of a falling stock market on Tuesday as investors played it safe going into the announcement of the US central bank's policy decision scheduled for the next day.
RBC sees 'good entry point' into Close Brothers Group, upgrades shares
Analysts at RBC Capital Markets upgraded their recommendation for shares of Close Brothers Group from 'sector perform' to 'outperform'.