European Stocks Exhibit Mixed Performance
London: 29 November 2023 (TraderMade): European stock markets showed a mixed trend on Wednesday as investors faced challenges in gaining momentum ahead of crucial inflation data later in the week.
As of 11:06 AM GMT (compared to yesterday's close), Germany's DAX index edged 0.903% higher to 16146.7, while France's CAC 40 gained by 0.448% to 7286, and the UK's FTSE 100 rose by 0.087% to 7451.7.
Despite a strong performance throughout November, with the STOXX 600 set for its best monthly showing since January, recent gains have stalled following hawkish remarks from several senior European Central Bank (ECB) officials regarding future interest rates.
In a separate development, Germany's most populous state, North Rhine Westphalia, experienced a 0.3% monthly drop in consumer prices for November, surpassing expectations. The annual figure showed a notable deceleration, rising 3.0% compared to the prior month's 4.2%.
Investor attention is also directed towards US inflation data, especially the Federal Reserve's preferred measure, the personal consumption expenditures index, scheduled for release on Thursday. Positive data could strengthen the case for concluding the US central bank's rate hikes.
Recent optimism regarding potential rate cuts received a boost late Tuesday when Christopher Waller, typically considered one of the more hawkish Fed officials, hinted at the possibility of US interest rates being cut in the coming months.
