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Inflation, growth woes drive European shares down for third week

Saturday, June 18, 2022
Inflation, growth woes drive European shares down for third week © Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 16, 2022. REUTERS/Staff

By Sruthi Shankar and Bansari Mayur Kamdar

(Reuters) -European stocks edged higher on Friday, but posted their third straight week of losses as a slew of interest rate hikes from major central banks fuelled worries about a sharp economic slowdown.

The pan-European STOXX 600 index rose 0.1% in volatile trade, but ended the week 4.6% lower.

World stock markets were heading for their biggest weekly decline since a pandemic-induced meltdown in March 2020, hit by growing worries about a recession after rate increases in the United States and Britain were followed by a surprise move in Switzerland to quell an inflation surge.

"Bargain hunting is the name of the game, but ultimately the big picture never really went away," said David Madden, market analyst at Equiti Capital.

"The fact that you can't even hang on to a rally for a full trading session really says a lot. This is kind of typical of an aggressive bearish streak, whereby you have massive down days and the up days are little less than half a percent."

Adding to concerns, euro zone inflation rose to a record high 8.1% last month, in line with a preliminary estimate, more than four times the European Central Bank's target and underscoring its plans to raise interest rates next month.

The STOXX 600 has shed about 17.3% so far this year on worries over the deteriorating economic outlook and hit to corporate earnings from surging prices and aggressive tightening measures by central banks.

Several regional markets are nearing or have marked a 20% decline from their recent peaks, a commonly used definition of a bear market.

Among the worst-hit European sectors this week were technology, retail and commodity-linked sectors such as oil & gas and miners.

Bridgewater Associates has placed at least $6.7 billion in bets against European stocks, according to data group Breakout Point, in a sign that the hedge fund firm may be pessimistic about companies on the continent.

Among individual stocks, Spanish lender Santander (BME:SAN) gained 2.3% after it named Hector Grisi as its new chief executive officer, replacing long-time executive Jose Antonio Alvarez.

Finland-based Nokian Tyres jumped 10.3% after the tyre maker raised its net sales guidance for 2022.

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03-07-2022 15:51:36 (UTC+7)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0429

-0.0053 (-0.51%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2098

-0.0076 (-0.63%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (3)

USD/JPY

135.21

-0.52 (-0.39%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

AUD/USD

0.6816

-0.0085 (-1.23%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (5)

USD/CAD

1.2888

+0.0015 (+0.12%)

Summary

Buy

Moving Avg:

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Sell (4)

Indicators:

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EUR/JPY

140.98

-1.29 (-0.91%)

Summary

Neutral

Moving Avg:

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EUR/CHF

1.0007

-0.0002 (-0.02%)

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1,812.90

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Silver Futures

19.823

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3.6138

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Crude Oil WTI Futures

108.46

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3,448.31

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FTSE 100

7,168.65

-0.63 (-0.01%)

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21,859.79

-137.10 (-0.62%)

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Sell

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Sell (3)

US Small Cap 2000

1,727.76

+19.77 (+1.16%)

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↑ Buy

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IBEX 35

8,176.10

+77.40 (+0.96%)

Summary

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41.270

-0.255 (-0.61%)

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57.35

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Adidas AG

167.64

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 EUR/USD1.0429Neutral
 GBP/USD1.2098↑ Buy
 USD/JPY135.21↑ Sell
 AUD/USD0.6816↑ Sell
 USD/CAD1.2888Buy
 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
 S&P 5003,825.33↑ Buy
 DAX12,813.03Buy
 FTSE 1007,168.65↑ Buy
 Hang Seng21,859.79Sell
 Small Cap 20001,727.76↑ Buy
 IBEX 358,176.10↑ Buy
 BASF41.270↑ Buy
 Bayer57.35↑ Buy
 Allianz182.00↑ Sell
 Adidas167.64↑ Sell
 Lufthansa5.566↑ Sell
 Siemens AG96.00↑ Buy
 Deutsche Bank AG8.053↑ Buy
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