European Stocks Close Open, US Inflation Data

European Stocks Close Open, US Inflation Data
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Stocks moving: Sweco down 7%, Taylor Wimpey down 5%

Swedish Engineering Consultancy sweco The Stoxx 600 fell more than 7% in early deals, while Taylor Wimpey UK housebuilders fell more than 5% to lead a broad sell-off.

European Market: Here are the opening calls

European markets are headed for a lower open on Thursday as investors around the world brace themselves for the latest US inflation data

The UK’s FTSE index is expected to open down 12 points to 6,812, the German DAX down 41 points to 12,150, the French CAC down 23 points to 5,803 and Italy’s FTSE MIB down 40 points to 20,324, according to data from IG.

The lower open in Europe comes amid mixed global sentiment ahead of recent US inflation readings. US stock futures When it was a little over night Markets in the Asia-Pacific region were mixed Investors are waiting for information.

The Dow Jones consensus estimate shows CPI rose 0.3% in September, up from 0.1% in August. This would bring the annual pace of inflation to 8.1% from 8.3%.

A rise in the consumer price index will also follow producer price data that came in higher than expected, data showed on Wednesday. The US’ Producer Price IndexWholesale prices, a measure of final-demand, rose 0.4% in September, beating consensus estimates for a 0.2% rise, according to Dow Jones.

Markets digested minutes from the September Federal Reserve meeting released Wednesday showed that The central bank is expected to keep raising interest rates until inflation declines.

One comment suggests that the Fed may instead slow rate hikes, if not bring them back, if financial market turmoil continues.

On the data front in Europe, Germany releases final inflation data for September

– Holly Elliott

CNBC Pro: Goldman Sachs favors Tesla and another major automaker even during the economic downturn

Goldman Sachs raised its forecast for electric car sales and said Tesla And another major automaker will benefit from the inflation-reducing law.

This comes at a time when the auto sector faces multiple headwinds in 2023, from rising interest rates to falling consumer demand.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Fed minutes show central bank sees more rate hikes, higher rates for longer

September meeting minutes of the Federal ReservePublished on Wednesday, shows that the central bank expects to continue raising interest rates and keep them high until inflation shows signs of easing.

The minutes reflect policymakers’ deliberations ahead of the latest 0.75 percentage point increase, the third increase of that size delivered this year.

The central bank has been surprised by the continued pace of inflation, but is optimistic that the rate hike will help bring price rises under control.

-Carmen Reinick, Jeff Cox

CNBC Pro: Is Meta a Stock to Buy or Dodge? A bull and a bear face off

It’s a turbulent time for this goalInvestors flee this year as it struggles with headwinds.

The stock plunged in late September trading the minimum Since January 2019 – and has fallen further since then.

Should big investors consider buying the Facebook parent, now that its shares are so cheap, or should they avoid it?

CNBC’s “Road Sign Asia” Independent Solutions spoke to Wealth Management’s Paul Meeks and Longbow Asset Management’s Jack Dollarhyde, as they face off to make their bull-and-bear case for Meta.

Pro subscribers can read more here.

— Wizen Tan

The stock closed lower after the session ended

All three major averages closed lower on Wednesday after a whipsaw between gains and losses throughout the day.

The S&P 500 fell 0.33%, to 3,577.03, its lowest close since November 2020 and its sixth consecutive daily loss.

The Dow Jones Industrial Average closed down 28.34 points, or 0.10%, at 29,210.85. The Nasdaq Composite closed down 0.09% at 10,417.10.

-Carmen Reinick

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