01/08/2024 – 6:30
By Sergio Caldas
São Paulo, 01/08/2024 – European stock markets are trading lower this Monday morning, maintaining the negative sentiment of the first week of 2024 and with losses led by oil companies, while investors monitor local economic data and await, later on, new reading of US consumer inflation (CPI).
At around 6:10 am (Brasília time), the pan-European Stoxx 600 index fell 0.18%, to 475.53 points. The oil and gas sector had the biggest drop, of 1.58%, as oil prices fell around 1% after Saudi Arabia announced cuts in the commodity's prices.
In the early hours of the morning, an indicator of orders for German industry disappointed with a smaller advance than expected. Soon, retail and confidence figures for the euro zone will be released.
This week, the big highlight is the US CPI, inflation data to be released on Thursday (11) which usually has a strong influence on the trajectory of US basic interest rates. Last Friday (05), the strong performance of the American labor market weighed on expectations for interest cuts by the Federal Reserve (Fed, the US central bank) this year.
Next Friday (12), a new season of quarterly balance sheets begins in the USA, with emphasis on results from large banks.
At 6:27 am (Brasília time), the London Stock Exchange fell 0.43%, the Paris Stock Exchange fell 0.33% and the Frankfurt Stock Exchange lost 0.16%. Those in Milan, Madrid and Lisbon had drops of 0.40%, 0.48% and 1.38%, respectively.
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