The European STOXX 600 index closed lower today, Thursday, 0.2%, led by shares of industrial companies and defense industries companies, after data showed a slight increase in inflation in the United States, at a time when investors are waiting for France’s announcement about their 2025. budget.
This comes as the sub-indexes of defense, industrial and technology stocks were down more than 1% each.
US consumer prices rose slightly more than expected in September, but the year-on-year increase was the smallest in more than three and a half years.
According to the CME Group’s Fed Watch tool, the report had little impact on expectations that the Federal Reserve (US central bank) would cut interest rates by 25 basis points at its scheduled meeting in November.
Markets expect the European Central Bank to cut interest rates by around 50 basis points by the end of the year, according to data from the London Stock Exchange.
The French government is expected to announce its budget for 2025 later on Thursday. He plans to implement tax increases that could reach 60 billion euros ($65.68 billion) and cut spending to deal with the growing fiscal deficit.
Markets are expected to closely monitor whether the budget will receive parliamentary approval without major changes.
GSK shares rose 3.2% after the British pharmaceutical company agreed to pay up to $2.2 billion to settle a lawsuit in the United States alleging that the heartburn drug (Zantac), which the company discontinued does, causes cancer.
Shares of Italy’s fourth largest bank, BBER, jumped 8.2% to top the country’s main index after the lender presented a new business plan for the period 2024-2027.
2024-10-10 18:11:00
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