European indices rising at opening of trading session
2022.12.19 03:21
European indices rising at opening of trading session
Budrigannews.com – After recent weakness, European stock markets are expected to open slightly higher on Monday. The focus will be on the German Ifo business climate index, which measures the strength of the dominant economy in the Eurozone.
At 02:00 ET (07:00 GMT), the agreement in Germany exchanged 0.1% higher, in France climbed 0.1%, and the agreement in the U.K. rose 0.1%.
After the eased the pace of its interest rate hikes but stressed that significant tightening remained ahead as it fights elevated, European equities suffered significant losses last week, with the German almost 3% lower.
Klaas Knot, a member of the governing council of the ECB, stated on Friday that the central bank will not ultimately raise interest rates to the same level as its counterpart in the United States, despite the fact that the ECB has a longer road to go in raising rates than the.
Despite the fact that investors will be hoping for some improvement from the for December later in the session, sentiment has been impacted by the likelihood of weak economic growth and the promise of additional interest rate hikes.
The data that were presented last week indicated that the contraction in German economic activity moderated for the second consecutive month, suggesting that a possible recession in the bloc will be less severe than previously thought.
Investors are looking for additional clues as to the thinking of the central bank policymakers, so the remarks that ECB Vice-President Luis de Guindos will make in Madrid later on Monday will also be of interest.
In business news, Germany is also ready to take on the risks of energy giant Uniper’s €216 billion (one euro equals one dollar) derivative portfolio (ETR:). as it moves to nationalize the company that has been hard hit by the energy crisis in the region.
Monday’s rise in crude oil prices was fueled by the Biden administration’s decision to begin replenishing strategic reserves and hopes for increased demand from China in the new year.
After reducing the Strategic Petroleum Reserve to its lowest level in nearly 40 years in an effort to stem rising fuel prices this year, the United States government announced on Friday that it will initially purchase 3 million barrels of oil for its reserve.
In addition, China has abandoned its stringent “COVID-zero” policy, and despite the fact that the world’s top crude oil importer and second largest oil consumer is seeing an increase in cases as it reopens, there are growing hopes that economic activity will pick up in 2023.
More Australian ASX 200 index lost 0.20% to close
By 02:00 ET, the contract was up 0.3 percent to $79.30 and the futures were up 0.4 percent to $74.75 a barrel. After experiencing sharp declines in recent sessions as a result of worries about a possible recession in 2023, both contracts were still trading close to their one-year lows.
