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European markets open until the end of the turbulent week
LONDON European markets closed higher on Friday, following global gains as another volatile trading week closes.
The pan-European Stoxx 600 added 0.5% to close, with travel and leisure stocks up 2% to guide profits as almost all major sectors and stock exchanges ended in positive territory.
European stocks still marked a negative week, with a 1.3% decline, as they closed significantly lower on Thursday, as inflation concerns and ominous earnings ratios from US retailers hurt global sentiment.
Markets in Asia-Pacific advanced on Friday, with Hong Kong’s Hang Seng index leading the profit, as China kept its key one-year lending rate unchanged at 3.7% but cut its key five-year lending rate by 15 basis points.
US stocks fell on Friday, extending losses from the beginning of the week and placing the S&P 500 at the top of a low market.
We expect inflation to ease in the second half of the year and then into 2023, but we may have bad surprises.
Pierre-olivier gourinchas
Chief Economist, IMF
IMF chief economist Pierre-Olivier Gourinchas told CNBC on Friday that leaders predict supply chain cuts will ease in the coming months, easing some of the global price pressures. However, he warned that there are still a number of risks to the outlook.
“We see lockdowns in China that are being prolonged that could lead to further disruptions, we see increases in energy prices and possibly food prices that will flow down in the direction of headline inflation,” Gourinchas said.
“So we expect inflation to ease in the second half of the year and then in 2023, but we may have bad surprises.”
On the data front, German producer prices rose 33.5% year-on-year in April, a new record annual increase as the war in Ukraine pushes sky-high energy costs into Europe’s largest economy.
UK retail sales rose sharply in April by 1.4% month-on-month, the Office for National Statistics said on Friday. However, economists expect this to be a blow to another downward trajectory.
“However, the outlook is definitely challenging. Today’s consumer confidence figures have fallen below all-time lows, and this is especially evident when looking at the consumer outlook for personal finance,” said James Smith, a market economist. in ING.
“Consumers Assuming remain more enthusiastic about spending services than goods in the near term, we suspect that this squeeze cost of living will be felt more acutely on the high street and among online retailers over the coming months.”
In terms of individual stock price movement, Denmark’s Rockwool International rose 8% to lead the Stoxx 600 after its first-quarter earnings report.
At the bottom of the index, Swiss luxury goods company Richemont fell 13% after its full results.
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