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News

European stocks, dollar flat before US inflation

December 10, 2021 07:29 PM


European stocks and the dollar steadied Friday, as traders awaited key US inflation data for fresh clues on the global economic outlook.

Asian equity markets closed down following overnight losses on Wall Street and a positive start to the week for global stocks as traders assessed developments surrounding the Omicron coronavirus variant.

"The major event of the week is today's US inflation data," noted Ipek Ozkardeskaya, senior analyst at SwissQuote.

"It is what will influence the Fed expectations for the next couple of months."

Markets are looking to see when the Federal Reserve will hike US interest rates after a number of other central banks already tightened borrowing costs to tackle surging inflation.

"It goes without saying that today's inflation report in the US is the main event," said Matt Simpson, senior market analyst at City Index.

"It hit a 30-year high in October and expectations are for those numbers to be inflated further."

In Europe on Friday, official data revealed that Britain's economic growth recovery slowed in October even before the appearance of the Omicron variant that has pushed the UK government to restore restrictions.

UK gross domestic product increased 0.1 percent in October compared with output of 0.6 percent the previous month.

Analysts said the growth slowdown made it less likely that the Bank of England would next week raise its main interest rate.

"Although a rate rise can't be completely ruled out...most bets are off that the bank will push them up so soon, given this latest downbeat reading and the fact that the Omicron variant is still an unknown quantity," said Susannah Streeter, senior analyst at Hargreaves Lansdown.

"A rate rise in February is more likely to be on the table, as the inflation kettle is set to be whistling loudly by then. That is unless restrictions are ramped up dramatically, pushing the economy into an even tighter recovery position."

The government of Prime Minister Boris Johnson will from Monday tighten virus restrictions in England as Omicron cases surge, including guidance to work from home and mandatory Covid passports.

Key figures around 1130 GMT

London - FTSE 100: DOWN 0.1 percent at 7,317.83 points

Frankfurt - DAX: FLAT at 15,642.41

Paris - CAC 40: DOWN 0.1 percent at 7,001.91

EURO STOXX 50: FLAT at 4,206.89

Tokyo - Nikkei 225: DOWN 1 percent at 28,437.77 (close)

Hong Kong - Hang Seng Index: DOWN 1.07 percent at 23,995.72 (close)

Shanghai - Composite: DOWN 0.18 percent at 3,666.35 (close)

New York - Dow: FLAT at 35,754.69 (close)

Euro/dollar: UP at $1.1268 from $1.1135

Pound/dollar: DOWN at $1.3198 from $1.3200

Euro/pound: DOWN at 85.40 pence from 85.87 pence

Dollar/yen: UP at 113.77 yen from 113.75 yen

Brent North Sea crude: UP 0.7 percent at $74.95 per barrel

West Texas Intermediate: UP 0.5 percent at $71.32 per barrel



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