{"id":175881,"date":"2023-05-24T05:39:11","date_gmt":"2023-05-24T05:39:11","guid":{"rendered":"https:\/\/precoinnews.com\/?p=175881"},"modified":"2023-05-24T05:39:11","modified_gmt":"2023-05-24T05:39:11","slug":"european-shares-mixed-with-inflation-data-us-debt-ceiling-talks-in-focus","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/european-shares-mixed-with-inflation-data-us-debt-ceiling-talks-in-focus\/","title":{"rendered":"European Shares Mixed With Inflation Data, US Debt Ceiling Talks In Focus"},"content":{"rendered":"
European stocks were mixed on Wednesday amid worries over the U.S. debt ceiling and the potential for a catastrophic debt default. <\/p>\n
Hawkish comments from a slew of Federal Reserve officials and growing concerns over China’s economic recovery also dented sentiment.<\/p>\n
In economic releases, Eurozone inflation accelerated to 7.0 percent in April from 6.9 percent a month earlier, as rising services and energy costs offset a slowdown in food price growth, Eurostat said earlier in the day, confirming preliminary data.<\/p>\n
The pan European STOXX 600 was down 0.2 percent at 463.96 after declining 0.4 percent on Tuesday. <\/p>\n
The German DAX edged up 0.2 percent and the U.K.’s FTSE 100 was marginally lower, while France’s CAC 40 eased 0.2 percent.<\/p>\n
Automakers traded mostly higher after industry data showed Europe’s new car registrations registered a double-digit growth in April but the pace of growth slowed from March.<\/p>\n
Swiss bank UBS Group AG edged up slightly after saying it expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG.<\/p>\n
Euronext tumbled 2.5 percent after the exchange operator saw an 11.7 percent year-over-year drop in its revenue from forex<\/span> trading during first quarter 2023.<\/p>\n Munich Re gained about 1 percent. The German top reinsurer posted lower net result in the first quarter but beat expectations.<\/p>\n Siemens rose over 2 percent. The industrial conglomerate raised its annual revenue outlook after second-quarter profits nearly tripled on higher orders.<\/p>\n SAP added 1.6 percent after the business<\/span> software maker raised its 2025 total revenue outlook for continuing operations and launched a share buyback program of up to 5 billion euros.<\/p>\n Lender Commerzbank slumped 7 percent despite profit nearly doubling in the first quarter.<\/p>\n The London Stock Exchange Group fell nearly 4 percent after an investor consortium sold shares worth about 2.7 billion pounds in the exchange operator.<\/p>\n Property firm British Land lost 6.6 percent after it swung to a pre-tax loss for fiscal 2023.<\/p>\n Sportswear chain JD Sports Fashion gave up 4.3 percent after reporting a lower pre-tax profit for fiscal 2023.<\/p>\n AstraZeneca gained about 1 percent after the drug maker reported positive high-level results in the latest lung cancer trials. <\/p>\n