(Bloomberg) — European stocks extended their slide as weak German data and elevated oil prices reignited stagflation concerns across the euro area.
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The Stoxx 600 index retreated 0.6% for the sixth straight session after German factory orders plummeted in July as the woes of Europe’s biggest economy continued into the third quarter. Fears of stumbling growth and sticky inflation were also fanned by Brent crude prices near $90 per barrel after the largest OPEC+ oil producers extended their supply cuts to year-end.
The weakness in Europe and deepening signs of an economic slowdown in China put pressure on equity futures in the US, where signs are mounting that the Federal Reserve won’t cut interest rates any time soon.
“The euro zone and UK are dabbling with recession, which markets had forgotten about three months ago,” said Rupert Thompson, chief economist at Kingswood Holdings Ltd. “It’s clear growth will head in the wrong direction in the coming…
2023-09-06 04:16:20
Article from finance.yahoo.com
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