Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Anisha Sircar

(Reuters) -European shares slipped on Friday as investors fretted over downbeat German consumer sentiment data due to rising energy costs and the path for U.S. interest rate hikes ahead of Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. The pan-European STOXX 600 dipped 0.1% in choppy trade, after rising at the open. European Central Bank policymakers appeared increasingly concerned that high inflation is getting entrenched, minutes of the July 21 showed on Thursday, even as recession risks loomed. The STOXX was on pace to end the week down nearly 1% and log its second straight weekly decline. German consumer sentiment is set to hit a record low for the third month in a row in September, a new survey showed, as households brace for surging energy bills. In contrast, French consumer confidence unexpectedly rose in August. “German recession fears just became more intense with the sentiment index falling to a new record low… Germany is particularly reliant on external energy producers, and people are saving at the highest in 11 years, showing consumers are taking precautions in case of the worst case scenario,” said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown. Elsewhere, regulator Ofgem said British energy bills will rise an eye-watering 80% to an average of 3,549 pounds ($4,188) a year from October, calling it a “crisis” that needed to be tackled by urgent government action. Because a large increase in bills has been expected, the news avoided shocking markets, but across Europe, which has a large exposure to discretionary retailers, there could be trouble on the horizon if the situation is prolonged and as consumers look to save instead of spend, which is already playing out in Germany,” added Yates. Tech stocks rose 0.5%, after Nvidia and Amazon fuelled a rally on Wall Street ahead of Powell’s speech. [.N] Miners gained 0.9% as copper firmed on hopes that Chinese stimulus measures would boost demand. [MET/L] Among other stocks, Danish brewery Carlsberg slipped 0.6% after saying its Poland subsidiary could cut or halt beer production due to a lack of carbon dioxide deliveries. Germany’s Salzgitter Maschinenbau Group rose 0.7% after private equity firm Dymon Asia said it was buying the lifting equipment maker’s Singapore unit. Shares of Britain’s Micro Focus nearly doubled after Canada’s OpenText agreed to buy the enterprise software maker in an all-cash deal for $6 billion.

(Reporting by Anisha Sircar in Bengaluru: Editing by Sriraj Kalluvila)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts