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European Stocks Trading Higher Ahead of US Inflation Data and Eurozone Forecasts

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At 03:35 ET (08:35 GMT), European stock markets were trading higher, as investors assessed the potential for further monetary policy tightening ahead of key U.S. inflation data and fresh quarterly Eurozone economic forecasts.[0] The DAX in Germany rose 0.2%, while the FTSE 100 in London increased by 0.[1] The CAC 40 in Paris increased by 0.6%, and Spain’s IBEX 35 went up 0[2] Meanwhile, gold futures traded 0.4% higher at $1,851.85/oz, while EUR/USD traded 0.3% higher at 1.0717.[1]

Brent crude declined by 1.6%, settling at $83.79 per barrel, while WTI crude decreased 1.8%, settling at $77.09 per barrel.[1] North Sea Brent crude-oil futures for the front-month decreased 0.7% to $85.80 per barrel.

Investors remained cautious ahead of the release of U.S. inflation data and fresh Eurozone economic forecasts. The data is expected to show further easing in inflation for January, though it is still expected to remain relatively high.[0] This could invite more interest rate hikes from the Federal Reserve.[0]

In earnings news, British Gas owner Centrica rose sharply after recording annual profits of £3.3bn.[3]

Overall, Asian stock markets were trading mostly lower, as Japan’s Nikkei 225 index was lower 0.7%, and Hong Kong’s Hang Seng dropped 1.3%.[4] The Shanghai Composite of China decreased by 0.8%.[5] European stocks were trading higher, with Germany’s 10-year Bund yield climbing by 7.5 basis points to 2.556%.[6] The yield on the 10-year U.S. Treasury also rose by 4.2 basis points to 3.904%.[5] Oil prices rebounded as demand forecasts by both OPEC and the International Energy Agency helped offset the negative sentiment created by the massive inventory build in the U.S.[7]

0. “European stocks edge higher; U.S. inflation data in focus By Investing.com” Investing.com, 13 Feb. 2023, https://www.investing.com/news/stock-market-news/european-stocks-edge-higher-us-inflation-data-in-focus-3001493

1. “European stocks slump; hawkish central bank talk weighs By Investing.com” Investing.com UK, 17 Feb. 2023, https://uk.investing.com/news/stock-market-news/european-stocks-slump-hawkish-central-bank-talk-weighs-2918213

2. “European stocks edge higher; U.K. jobs data helps ahead of U.S. CPI” Yahoo! Voices, 14 Feb. 2023, https://www.yahoo.com/now/european-stocks-edge-higher-u-040042094.html

3. “Europe close: Stocks gain despite ‘hot’ US inflation data” ShareCast, 16 Feb. 2023, https://www.sharecast.com/news/market-report-europe-close/europe-close-stocks-gain-despite-hot-us-inflation-data–12371710.html

4. “Inflation Angst Seen Dragging European Benchmarks” RTTNews, 15 Feb. 2023, https://www.rttnews.com/3344093/inflation-angst-seen-dragging-european-benchmarks.aspx

5. “US Futures, European Stocks Slip Amid Fading Rate-Cut Hopes” MarketWatch, 17 Feb. 2023, https://www.marketwatch.com/story/us-futures-european-stocks-slip-amid-fading-rate-cut-hopes-cd6cb275

6. “European Stocks Muted With Focus on US Inflation for Fed Outlook” Bloomberg, 13 Feb. 2023, https://www.bloomberg.com/news/articles/2023-02-13/european-stocks-muted-with-focus-on-us-inflation-for-fed-outlook

7. “European Benchmarks Seen Opening Strong” RTTNews, 16 Feb. 2023, https://www.rttnews.com/3344444/european-benchmarks-seen-opening-strong.aspx

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