European stocks close lower after absorbing US inflation data

Thursday, November 16, 2023 - 17:54
Point Trader Group

European stocks close lower after absorbing US inflation data

Most European stock indices declined at the end of trading on Thursday, amid a calming positive sentiment that was seen earlier in the week after the release of positive data from the United States and China.

The European Stoxx 600 index fell by 0.7%, with the majority of major sectors and markets ending the session in negative territory. ‏

Shares of oil and gas companies led the losses, falling by 2.7% against the backdrop of the decline in oil prices, while shares of the utilities sector were positive, rising by 1.1%.

A weak inflation reading in the United States on Tuesday raised hopes that the Federal Reserve is approaching the end of the current monetary tightening cycle. There were optimistic economic data from China, which announced better than expected retail sales and industrial data for October.

On the other hand, US President Joe Biden and Chinese President Xi Jinping met in person in San Francisco on Wednesday, in the first meeting between the two leaders in about a year. The two leaders agreed to resume high-level military contacts, according to the two countries, but Taiwan remains a sticking point.

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