European stocks were relatively flat on Friday morning, but look set to end the week in positive territory as global markets digest a hawkish pivot from the U.S. Federal Reserve.
TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME
.FTSE FTSE 100 FTSE 7139.23 -14.20 -0.20 56618837
.GDAXI DAX DAX 15710.30 -17.37 -0.11 5134482
.FCHI CAC 40 Index CAC 6666.81 0.55 0.01 6414170
The pan-European Stoxx 600 hovered around the flatline in early trade, as insurance stocks dropped 0.5% to lead losses while travel and leisure stocks added 0.3%.
Shares in Asia-Pacific were also mixed on Friday as investors watched for market moves in the commodities sector after a recent tumble in prices triggered by a strengthening of the U.S. dollar.
International benchmark Brent crude futures slipped 0.68% to $72.58 per barrel, adding to Thursday’s losses. U.S. crude futures declined 0.49% to $70.69 per barrel.
Stateside, U.S. stock futures inched fractionally higher in early premarket trade Friday, but the Dow is still on course for a losing week in which sentiment was dominated by the Fed raising inflation expectations and moving forward its rate hike schedule. The move sent the dollar soaring.
The move sent the dollar soaring.
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On the data front, May’s U.K. retail sales fell 1.4% month on month, official statistics revealed Friday, falling short of the 1.6% expansion expected by economists in a Reuters poll. The Office for National Statistics said food stores contributed most prominently to the surprise decline. The pound tumbled to a new six-week low on the back of the dip.
Meanwhile, the German Producer Price Index (PPI) rose 1.5% month on month in May, vastly outstripping the 0.7% consensus forecast. On an annual basis, the PPI was 7.2% against a projection of 6.4%.
In terms of individual share price movement, British car dealer Inchcape climbed more than 6% in early trade to lead the Stoxx 600 after raising its 2021 profit outlook.
