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Market sentiment finished the week in positive fashion for Europe after a tumultuous trading week for financial markets, especially markets in the in the United Kingdom.
The Eurostoxx 600 finished the day with gains of +1.5%, while the German DAX closed up by +1.1%. Elsewhere the French CAC closed Friday with gains of +1.5% and the Italy MIB +up 1.5.%
On a weekly basis it was much messier for European stocks, and it really speaks to the scale of stock losses across European given today’s recovery.
If we break down the weekly performance the Eurostoxx 600 was down by -0.8% while the German DAX lost -1.4%. The Italy MIB -2.0% and Spain’s IBEX -2.7%. The UK FTSE 100 lost -1.5%.
Stateside, several Fed officials are due to speak this afternoon, and the markets will be watching closely for indications as to the pace of future rate hikes from the central bank.
This is the final data point of the month, but we will get speeches from Bowman, Barkin and Williams later today. This is likely to move US stocks and the US dollar.
In terms of impactful data the University of Michigan consumer sentiment for the US was revised lower to 58.6 in September of 2022 from a preliminary of 59.5 but remained above 58.2 in August and the highest in five months earlier today.
Expectations were revised sharply lower from 58 to 59.9 in the preliminary estimate while current conditions were seen better 59.7 against 58.9.
Buying conditions for durables and the one-year economic outlook continued lifting from the extremely low readings earlier in the summer, but these gains were largely offset by modest declines in the long run outlook for business conditions. Meanwhile, inflation in the year ahead was seen higher (4.7% vs 4.6% in the preliminary estimate) while the five-year outlook was revised lower (2.7% vs 2.8%).
