{"id":11826,"date":"2021-07-14T18:24:19","date_gmt":"2021-07-14T18:24:19","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/14\/major-european-markets-close-slightly-weak\/"},"modified":"2021-07-14T18:24:19","modified_gmt":"2021-07-14T18:24:19","slug":"major-european-markets-close-slightly-weak","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/14\/major-european-markets-close-slightly-weak\/","title":{"rendered":"Major European Markets Close Slightly Weak"},"content":{"rendered":"
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The major European markets<\/span> closed a bit weak on Wednesday as worries about inflation and the impact of surging coronavirus cases on the pace of economic recovery rendered the mood cautious.<\/p>\n

Official data showed that U.K. consumer inflation rose to 2.5% in June from 2.1% in May. The rate was forecast to climb to 2.2%. On a monthly basis, consumer prices gained 0.5%, following a 0.6% rise in May. The expected rate was 0.2%. <\/p>\n

Weak Eurozone industrial production data weighed as well. According to the report released by Eurostat, industrial output in the zone fell 1% on a monthly basis in May, reversing a revised 0.6% rise in April. The pace of decline exceeded the economists’ forecast of -0.2%.<\/p>\n

In his prepared remarks before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell reiterated the belief that “substantial further progress” towards the Fed’s goals of maximum employment and price stability is “still a ways off,” suggesting the central bank is not likely to begin tightening monetary policy anytime soon.<\/p>\n

The Fed chief also once again stressed that the Fed will provide “advance notice” before announcing any changes to its asset purchase program.<\/p>\n

Powell acknowledged that inflation has increased notably and will likely remain elevated in coming months but predicted inflation would moderate as the effects of the production bottlenecks unwind.<\/p>\n

The pan European Stoxx 600 edged down 0.09%. The U.K.’s FTSE 100 shed 0.47%, while Germany’s DAX and France’s CAC 40 settled flat. Switzerland’s SMI ended lower by 0.23%.<\/p>\n

Among other markets in Europe, Belgium, Denmark, Ireland, Portugal, Russia and Spain drifted lower.<\/p>\n

Austria, Czech Republic, Finland, Greece, Netherlands, Norway, Poland, Sweden and Turkey closed higher, while Iceland ended flat.<\/p>\n

In the UK market, Hargreaves Lansdown, Ocado Group, Halma, ICP, Just Eat Takeaway, Land Securities, Johnson Matthey, Vodafone Group and British Land Company ended notably lower.<\/p>\n

Barratt Developments gained about 2% after raising its profit forecast for 2021. Glencore, Natwest Group, Anglo American Plc and Persimmon also posted strong gains.<\/p>\n

In France, ArcelorMittal and StMicroElectronics gained about 2.7% and 2.4%, respectively. Publicis Groupe and Credit Agricole also closed on firm note, albeit with less pronounced gains.<\/p>\n

Air France-KLM, Vinci, Schneider Electric, Sodexo and Bouygues ended lower by 1 to 2.5%.<\/p>\n

In the German market, Infineon Technologies, Continental and Fresenius moved up 1.4 to 1.7%. BMW, Thyssenkrupp, Covestro, HeidelbergCement and Daimler also ended with notable gains.<\/p>\n

Fashion house Hugo Boss gained more than 2%. The company remains confident that its overall business<\/span> recovery will continue in the second half of 2021, despite the persisting uncertainties regarding the further development of the pandemic. <\/p>\n

Volkswagen ended nearly 7% down. Lufthansa shed more than 2%, while Vonovia and Beiersdorf both ended lower by about 1.25%.<\/p>\n

Swedish telecoms operator Tele2 rallied sharply after it reported an 8% rise in quarterly core earnings. <\/p>\n<\/p>\n<\/div>\n