(News Bulletin 247) – European stock markets fell this Friday (-0.4% in London, -0.7% in Frankfurt and Paris) in a context of general gloom with in particular the fall of Apple on Wall Street the day before and the fear of another rate hike by the ECB next Thursday.
‘The general tone was risk aversion on Thursday’, points out Deutsche Bank, pointing out that $190 billion of Apple’s market capitalization has been wiped out by the stock’s 6.4% cumulative decline over the past two sessions. .
The action of the firm at the apple, as well as those of its suppliers, have indeed continued to suffer from Beijing’s desire to restrict or ban the use of foreign brand smartphones by Chinese officials in their workplace.
‘It is clear that investors do not completely rule out the chances that the ECB will raise its rates again next week’, also puts forward Deutsche Bank, noting a slight increase in market expectations in favor of such a hypothesis.
A new monetary tightening by the ECB would be motivated by the persistence of high inflation in the euro zone, as illustrated by the confirmation this morning, in Germany, of an annual inflation rate of +6, 1% in August (after +6.2% the previous month).
‘The increases in energy and food prices exceed overall inflation and keep the inflation rate at a high level,’ explained Ruth Brand, the president of the federal statistics office which publishes these figures.
Other data from the morning in Europe, production in France rebounded, in July over one month, in manufacturing industry (+0.7% after -1.1%) as in industry as a whole (+ 0.8% after ‑0.9%), according to CVS-CJO data from INSEE.
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