09/01/2024 – 6:38
By Sergio Caldas
São Paulo, 01/09/2024 – European stock markets are trading slightly lower this Tuesday morning, as investors digest weak data from German industry and await an update on unemployment in the euro zone to assess the outlook for the Central Bank's monetary policy European Union (ECB) this year.
At around 6:20 am (Brasília time), the pan-European Stoxx 600 index fell 0.32%, to 476.64 points.
Earlier, Destatis showed that Germany's industrial production recorded a monthly drop of 0.7% in November, contradicting stability forecasts. The indicator came one day after the weak performance of orders for German industry.
For Commerzbank, there are growing signs that Germany's gross domestic product (GDP) is likely to shrink again in the fourth quarter of 2023, which would put Europe's largest economy into technical recession.
Soon, Eurostat will publish the euro zone unemployment rate for November. In October, the rate was 6.5%, unchanged from the previous month.
Unlike the Federal Reserve (Fed, the US Central Bank) and the Bank of England (BoE), the ECB has not yet given clear indications of possible interest rate cuts. In general, the ECB's stance has been that the future of monetary policy depends on the behavior of economic data.
At 6:35 am (Brasília time), the London Stock Exchange had a marginal drop of 0.02%, the Paris Stock Exchange fell 0.10% and the Frankfurt Stock Exchange lost 0.20%. Milan's remained stable and Lisbon's dropped 0.08%. In contrast, Madrid had a more significant drop, of 1.49%.
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