Risk-Off Grips Europe as Oil Retreats, FTSE Ignores UK Jobs

Risk-Off Grips Europe as Oil Retreats, FTSE Ignores UK Jobs

18 May 2016, 12:02
Roberto Jacobs
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Risk-Off Grips Europe as Oil Retreats, FTSE Ignores UK Jobs

The sentiment on European stock markets remained largely subdued this Wednesday, with the renewed weakness in oil prices triggering a fresh bout of risk-aversion across the markets. While mixed performance witnessed in the Asian indices also weighed on the European traders’ minds.

Moreover, mixed set of economic data released out of the UK and Euroland also left the markets unimpressed. Eurozone CPI dropped 0.2% in the month of April y/y, after no growth before, while the monthly print revealed a zero level, after a 1.2% rise previously. While from the UK docket, the unemployment rate stayed unchanged at 5.1% in March, as expected, with jobless claims falling 2,400 in April.

Meanwhile, Germany's DAX 30 index drops -0.29% to trade at 9,860, while the UK's FTSE 100 index slides -0.50% to 6,138. Among the other indices, the French CAC 40 index declines 0.30% to 4,285, while the pan-European Euro Stoxx 50 index loses -0.15% to 2,930.

Looking ahead, focus now remains on the FOMC April meeting minutes amid hopes that the US central bank will remain on track to raise rates this year.


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