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Stocks rose ahead of a speech by US Federal Reserve chair Jerome Powell, which could give an insight into the Fed's thinking on interest rates.
European stock markets rose Friday, extending November’s positive momentum on renewed hope that the European Central Bank has completed its rate-hiking cycle. European stocks recorded in November their best month since January, as easing inflation boosted talk that the European Central Bank is done with aggressive rate hikes. ECB officials have been keen to play down expectations of rate cuts next year, but the new governor of the Bank of Italy, Fabio Panetta, who is also a member of the ECB’s governing council, said on Thursday that the ECB must not cause "unnecessary damage" to the economy and financial stability through sustained high interest rates.
European stocks have had a good November, with the German DAX over 9% higher, as easing inflation has boosted talk that the European Central Bank is done with aggressive rate hikes. This sentiment was boosted Thursday by the news that German retail sales rose more than expected in October, increasing by 1.1% compared with the previous month, offering hope that the eurozone’s largest economy may be recovering as the year draws to an end. German inflation eased to 2.3% in November, significantly more than the 2.6% expected, and this is expected to drive another reduction in the monthly eurozone figure.
Pressure on the dollar has continued to rise after a US Federal Reserve official said monetary policy is well positioned to slow the US economy and get inflation back to target.
European stock markets traded in a mixed fashion Wednesday, with investors struggling to build momentum ahead of the week’s key inflation data. Bundesbank chief Joachim Nagel said on Tuesday the European Central Bank may need to raise interest rates again if the inflation outlook worsened, while ECB President Christine Lagarde said on Monday the bank's fight to contain price growth was not yet done.
European stock markets traded lower Tuesday, continuing to trade in a subdued manner ahead of the release of the week’s key inflation data. Risk sentiment received a boost this month after data releases hinted at easing inflation, stoking expectations that central banks had reached their interest rate peaks. "This is not the time to start declaring victory," European Central Bank President Christine Lagarde told a meeting of EU lawmakers in Brussels on Monday.
Both Saudi Arabia and Russia — two of the nations producing the most oil — are expected to deepen supply cuts after leading the group in curbing supply earlier this year.
European stock markets traded mostly lower Monday, with investors on edge at the start of a week that includes a string of important economic readings. Stock markets around the globe have generally had a good month so far - with the DAX in Europe around 9% higher, Japan's Nikkei up more than 8% so far in November, as is the broad-based S&P 500 in the U.S., its best performance since mid-2022. Core EU inflation is forecast at 3.9%, the lowest since the middle of last year, which could raise expectations that the European Central Bank has reached the end of its rate-hiking cycle.