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European stocks mixed as markets struggle to gain momentum

Soegeefx AppsEU MarketEuropean stocks mixed as markets struggle to gain momentum

Key Points

  • U.S. Federal Reserve Chairman Jerome Powell said on Tuesday that he’s resolved to raise rates until inflation comes down.
  • U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis.

LONDON — European stocks were mixed on Wednesday as global markets struggle to gain momentum.

TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
.FTSE FTSE 100 *FTSE 7512.11 -6.24 -0.08 32624557
.GDAXI DAX *DAX 14192.63 6.69 0.05 5277736
.FCHI CAC 40 Index CAC 6426.75 -3.44 -0.05 6622897

The pan-European Stoxx 600 hovered around the flatline in early trade, with utilities gaining 1.3% while basic resources fell 0.8%.

The muted trade for Europe tracks sentiment from Asia-Pacific markets overnight, where trade has been mixed as investors digested comments from U.S. Federal Reserve Chairman Jerome Powell, who said he’s resolved to raise rates until inflation comes down.

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Earlier in May, the U.S. central bank raised rates by half a percentage point —its largest hike in two decades — as it looks to fight inflation.

U.S. stock futures were lower in early premarket trade on Wednesday as investors looked to build on a solid rally in recent sessions.

U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis.

Earnings before the bell came from ABN AMRO, Burberry, British Land and Premier Foods.

In terms of individual share price movement, wind turbine maker Siemens Gamesa jumped more than 10% in early deals after Reuters reported that Siemens Energy is readying a bid to buy the remaining third of the company that it does not already own.

At the bottom of the European blue chip index, Anglo-German travel operator Tui fell 10% after a share placement.

Source : CNBC

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