European stocks lower ahead of US inflation data

By Aysu Bicer

ANKARA (AA) – European stocks slipped on Thursday as investors wait for US inflation data that will determine the Fed’s policy stance.

The STOXX Europe 600 index decreased 0.32% to 419 points and Germany’s DAX 40 was down 0.38% to 13,614.

The UK’s FTSE 100 declined 0.28% to 7,276 points, while France’s CAC 40 tumbled 0.32% to 6,410 points.

In Spain, the IBEX 35 index declined 0.58% to 7,994 points, and Italy’s MIB 30 was down 0.11% to 23,755.

Annual US inflation for October is expected to come in at 8%, slightly lower than September’s 8.2%.

Oil prices also continued their losses on Thursday as demand from China remained uncertain with sustained COVID-19 restrictions and rising crude stockpiles in the US, the world’s largest oil consumer.

International benchmark Brent crude traded at $92.47 per barrel around 0800GMT, a 0.19% decrease from the closing price of $92.65 a barrel in the previous trading session.

Analysts said concerns over the cryptocurrency market, as well as uncertainty about the US midterm elections, have also dented risk appetite in global stocks. ​​​​​​​