Europe open: Shares lower as investors focus on US CPI
By Frank Prenesti
Date: Tuesday 09 Aug 2022
(Sharecast News) - European shares opened lower on Tuesday with investor focus turning to key US inflation data on Wednesday.
The pan-European Stoxx 600 index fell 0.25%, after making gains on Monday. Britain's FTSE 100 was just above the flatline after data showed retail sales rose 1.6% in July, buoyed by a heatwave and sales of hot-weather clothing, picnic items and electric fans, according to a report from the British Retail Consortium.
Investors are looking for clues on the potential pace and size of future interest rate rises by the US Federal Reserve.
An unexpectedly strong US jobs report last week cut the likelihood of a recession, but stoked fears the central bank would opt for more aggressive rate hikes as it looks to rein in inflation.
In equity news, workspace company IWG plunged 14% to the bottom of the index after first-half earnings. The company narrowed first-half losses amid strong demand for hybrid working.
In the six months to 30 June, adjusted pre-tax losses narrowed to £70.2m from £163.3m in the same period a year earlier, with system-wide revenues up 22.3% at £1.4bn. IWG said this was driven by strong demand for hybrid working.
Swiss duty-free retailer Dufry rose 2.7% as it said it saw strong sales momentum continue in July despite the soaring inflation.
Reporting by Frank Prenesti at Sharecast.com
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