{"id":12366,"date":"2023-11-10T21:54:44","date_gmt":"2023-11-10T21:54:44","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/european-stocks-retreat-on-hawkish-powell-speech-diageo-slumps-on-outlook\/"},"modified":"2023-11-10T21:54:45","modified_gmt":"2023-11-10T21:54:45","slug":"european-stocks-retreat-on-hawkish-powell-speech-diageo-slumps-on-outlook","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12366","title":{"rendered":"European stocks retreat on hawkish Powell speech; Diageo slumps on outlook"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com – European stock markets traded lower Friday, as investors digested hawkish comments from Fed chief Jerome Powell as well as more corporate earnings.<\/p>\n

At 03:40 ET (08:40 GMT), the \u00a0index in Germany traded 0.4% lower, the \u00a0in France traded 0.6% lower, while the \u00a0in the U.K. dropped 0.8%.<\/p>\n

Hawkish Powell hits sentiment<\/strong><\/h2>\n

Sentiment has been hit after Fed Chair warned on Thursday that rate hikes were still under consideration as the central bank seeks to bring inflation totally under control.<\/p>\n

“[The Fed] is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time,” Powell said.<\/p>\n

“We are not confident that we have achieved such a stance. If it becomes appropriate to tighten policy further, we will not hesitate to do so.”<\/p>\n

Powell’s comments follow European Central Bank and Bank of England policymakers also pushing back against expectations around rate cuts.<\/p>\n

Global equities had soared over the last week, boosted by increasing confidence that a peak in U.S. interest rates was in sight, after the left rates unchanged.<\/p>\n

Lagarde due to speak<\/strong><\/h2>\n

Attention now turns to ECB President , who is due to speak later in the session. Investors will pore over her every word for clues of future monetary policy.<\/p>\n

Lagarde has a tricky path to tread, because the latest eurozone business activity data, released at the start of the week, suggested there is a growing chance of a recession in the region, even while inflation remains above the ECB\u2019s medium-term target.<\/p>\n

Data released earlier Friday showed that stagnated in the U.K. in the third quarter, although rose 0.2% on the month in September, slightly better than the flat figure expected.\u00a0<\/p>\n

Richemont <\/span><\/span> offers dismal outlook<\/strong><\/h2>\n

In the corporate sector, Diageo <\/span><\/span> (LON:) stock slumped 10% after the U.K. drinks giant\u00a0said it expected organic operating profit growth to decline in the first half of its current financial year, citing weakness in Latin America and the Caribbean.<\/p>\n

Richemont (SIX:) stock fell over 4% after the luxury group reported weaker than expected earnings as the rising cost of living, economic headwinds and geopolitical tensions were weighing on customers’ spending.<\/p>\n

Allianz (ETR:) stock rose 3.2% after the German financial services company maintained its full-year profit outlook despite posting a 30% fall in its third-quarter net profit, dragged down by claims from natural catastrophes.<\/p>\n

GN Store Nord (CSE:) stock soared over 10% after the\u00a0Danish hearing aid manufacturer announced new cost savings targets as it met third-quarter earnings expectations.<\/p>\n

Crude heading for sharp weekly drop<\/strong><\/h2>\n

Oil prices rose Friday, but were still heading for a third straight week of steep losses on persistent concerns over slowing global demand and resurgent fears of rising U.S. interest rates.\u00a0<\/p>\n

By 03:40 ET, the futures traded 0.6% higher at $76.20 a barrel, while the contract climbed 0.7% to $80.58 a barrel.\u00a0<\/p>\n

Both benchmarks are currently down over 5% this week, and on course for the longest weekly losing streak since a four-week drop from mid-April to early May.<\/p>\n

Additionally, fell 0.5% to $1,960.25\/oz, while traded 0.1% higher at 1.0673.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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