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Daily summary: European equities close lower amid inflation worries

19:31 15 September 2021
  • European indices finished the session in red
  • Oil prices up 3%, after EIA data showed a bigger-than-expected drop in US crude stocks
  • Inflation in the UK and Canada above expectations

European indices finished today's session lower, after disappointing data out of China added concerns regarding slowdown of the economic recovery. Industrial production and retail trade growth rates in the second largest economy slowed sharply in August due to coronavirus outbreaks and supply disruptions. Meanwhile, the UK's inflation rate jumped 3.2% year-over-year in August, from a 2% in July, driven by higher food and transportation costs, official data showed. Today's reading exceeded analysts' estimates of 2.9% annual increase and fueled taper fears. On a monthly basis, consumer prices jumped 0.7% in August, surpassing expectations for a 0.5% increase. At the same time, industrial output in the Eurozone rose by 1.5% mom in July, recovering from two consecutive periods of contraction. The Stoxx Europe 600 dropped 0.8% and the German DAX closed down 0.7%, while the French CAC 40 fell 1%. The FTSE 100 Index in the UK was down 0.3% and Madrid's IBEX35 tumbled 1.6%

US indices are trading higher after several mixed economic reports. Industrial production came in below expectations, import prices fell for the first time in 10 months and the New York Empire State Manufacturing Index surprised on the upside. Microsoft stock gains 1.5% after the company announced a $60 billion share buyback, with no expiration date, and a higher quarterly dividend. Canada's August CPI reading was higher than expected, which led to a strengthening of the Canadian dollar.

The price of crude oil is rising by around 3% amid a bigger-than-expected draw in US crude inventories. EIA data showed crude stocks fell by 6.42 million in the latest week, almost double the market forecasts. Today. WTI prices reached their highest levels since the beginning of August. Natural gas prices are also surging, reaching levels not recorded since 2014. The US dollar continues to weaken against the euro and the Japanese yen after yesterday's inflation figures from the US.

Tomorrow further data from the US economy will be published - retail sales reading for August, weekly jobless claims and the Philadelphia Fed index. During the Asian session, investors will be served Q2 GDP data from New Zealand and labour market reports from Australia

Ethereum price bounced off the major support at $3340 which coincides with 61.8% Fibonacci retracement of the pullback launched in mid-May 2021 and 200 SMA ( red line). In the afternoon price broke above EMA 100 (purple line) which acted as resistance last week. Next target for buyers is located at $3700 level. Source: xStation5

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