July 14, 2022: -On Wednesday, European stocks traded lower, which extended losses seen in the last sessions as investors prepare for the recent inflation data from the U.S.
The pan-European Stoxx 600 index was trading 0.5% lower, with markets uncertain ahead of the recent inflation reading. All sectors were in negative territory apart from oil, gas, and technology stocks.
The June customer price index is expected to deliver headline inflation in the U.S., including food and fuel, increasing above May’s 8.6% level to 8.8%, according to estimates from Dow Jones.
The hot reading expected on Wednesday could prompt the Federal Reserve to increase interest rates by one more 75 basis points in this month’s meeting. In the previous month, the Fed increased its benchmark interest rates three-quarters of a percentage point to 1.5%-1.75% in its most fierce hike since 1994.
Orion was the best performer on the Stoxx 600 index. Its stock was up 7% after the Finnish drugmaker increased its full-year outlook after it signed a collaboration agreement with Merck to develop a cure for prostate cancer.
The worst performer on the index was Sinch, down 6.4%. It’s been a tough week for the Swedish cloud contacts company. The stock declined yesterday after it said its second-quarter profit would reach after reassessing the historical cost of goods sold.
As investors awaited the inflation data, U.S. stock futures were little changed in overnight trading on Tuesday. In Asia-Pacific markets overnight, shares were higher as China released trade data and the Bank of Korea and Reserve Bank of New Zealand hiked rates.
According to the Office for National Statistics, other data out earlier on Wednesday showed the U.K.’s economy expanded unexpectedly in May, with output growing by 0.5%. A Reuters poll of economists had anticipated zero growth in May from April.
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