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European shares slip ahead of inflation data

August 18, 2022By Reuters

European shares edged lower in choppy trading on Thursday after a European Central Bank (ECB) board member hinted at another large rate hike next month even as recession risks harden, with focus on regional inflation figures for July due later in the session.

The continent-wide STOXX 600 was down 0.1%, hovering near one-week lows.

Miners and banks led losses, while energy stocks rose 0.4% as crude prices held steady.

The euro zone inflation outlook has failed to improve since the 50 basis point rate hike in July, ECB board member Isabel Schnabel said, suggesting she favours another big interest rate increase next month.

On Wednesday, the Federal Reserve’s July meeting minutes offered little comfort over the pace of US interest rate hikes.

Focus is now on euro zone consumer price inflation readings for July due at 0900 GMT.

Among stocks, Geberit (GEBN.S) fell 3.4% after saying its quarterly profit fell by a fifth as the Swiss plumbing supplies maker was hit by steep price rises.

Adyen (ADYEN.AS) was among the biggest decliners, plunging 13.6% after the Dutch payment processor posted results for the first half of the year.


(Reporting by Anisha Sircar in Bengaluru; Editing by Sriraj Kalluvila)

This article originally appeared on reuters.com

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