European markets climbed Thursday as traders continued to assess new data on inflation and economic activity.
The German DAX rose 0.4%, the French CAC was up 0.6% and the Italian FTSE MIB climbed 0.4%. The U.K.’s FTSE 100 was closed on Thursday and Friday for the Queen’s Platinum Jubilee celebrations.
European traders are still digesting euro zone inflation numbers which hit an annual 8.1% in May, exceeding expectations and marking a seventh consecutive record high. Investors are closely watching the European Central Bank for hints at the pace and scale of interest rate hikes required to rein in consumer prices.
Russia’s onslaught in Ukraine is also front and center, as well as the recent EU announcement of a partial ban for Russian oil imports. OPEC and non-OPEC oil producers, which include Russia, will meet Thursday for a regular policy meeting.
Shares in Asia-Pacific declined in Thursday trade, with Australia’s April trade surplus coming in higher than expected. Hong Kong’s Hang Seng index led losses regionally as it declined 1.67%, with shares of Alibaba dropping more than 3%.
On Wall Street, U.S. stock futures were little changed early Thursday morning as economic concerns dragged down investor sentiment.
Back in Europe, there will be balance of trade and retail sales figures for Austria later in the session and unemployment data for Spain at 8 a.m. London time.
Source: CNBC
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