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European stock markets fall after macroeconomic data in Europe and the US.

European stock markets fall after macroeconomic data in Europe and the US.

European stock markets fall after macroeconomic data in Europe and the US.

The main European stock markets closed this Tuesday with falls, with the exception of Milan, after a day marked by the PMI indices for August and production price indices for July in the euro area and the factory and goods orders for July in the United States.

Milan has gained 0.02%, while Frankfurt and Paris have both lost 0.34%; Madrid 0.26%, London 0.2% and the Euro Stoxx 50 index, which groups the main listed companies, 0.25%, according to market data consulted by EFE.

The stock markets started with falls and despite the fact that with the course of the session they moderated their losses and came to be trading positively, after the opening of Wall Street to the downside, the parks fell again.

In addition, the start of operations in New York coincided with the announcement of the extension of cuts in oil production by Saudi Arabia and exports from Russia.

Brent crude, which had fallen until then, has rebounded and at the close of the European stock markets it rose 1.92%, to $90.71 per barrel, a level that had not been reached since November 2022.

In Europe, the final August PMI indices for the euro area have been published today, which have registered a greater contraction in their composite data than that of July due to the fall in the services sector (its first decrease in eight months).

It has also been known that the producer price index (PPI) for July of that monetary area has fallen, as expected by experts, to negative 7.6% year-on-year from the negative 3.5% registered in June.

These data reinforce the idea of ​​a cyclical slowdown, but “it could be insufficient for the European Central Bank (ECB) to end its rate hikes in the face of inflation that remains very high and with new pressures on the energy side,” indicates Renta4 in a market report.

In the United States, investors have also been paying attention to factory orders for July and durable goods excluding transportation, which have fallen compared to June, indicating some cooling in the country’s economy.

For its part, the euro depreciated 0.77%, to $1.0712.

In the debt market, the ten-year German bond, considered the safest, has closed with a yield of 2.608%, 3.3 basis points more than the day before.

Source: Elcomercio

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