Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Test

Important information

By using this website, you confirm you are not a resident of the European Union, the United States of America, the United Kingdom, Iran, Myanmar, North Korea, Norway, Iceland, Switzerland, Liechtenstein, and the Philippines or accessing it from these jurisdictions. We assume no liability for the consequences of non-compliance with local laws.

Back

European equities shift lower on Thursday after euro area inflation slows less than expected

  • European stocks shed weight after EU HICP inflation remains above 3%.
  • The BoE voted to hold rates on Thursday with some contention.
  • BNP Paribas tumbled after sales miss, Volvo soared after pulling Polestar funding.

European indexes broadly shed points on Thursday after investor sentiment soured with mixed Europe earnings vexing investors and inflation continues to weigh on markets hoping for rate cuts from central banks to ease financing costs.

The Bank of England (BoE) voted for both rate cuts and rate hikes at the same time on Thursday, marking the first time since 2008 UK central bank policymakers spread their votes into both rate move camps. With 6 no-change votes and rate hike votes outnumbering rate cut votes 2-to-1, markets broadly readjusted their expectations for rate cuts from the BoE, but money markets still see four rate cuts through the end of 2024.

Bailey Speech: BoE Governor speaks on interest rate outlook

Deutsche Bank shares rose 4% on Thursday after it was announced that the European bank would be slashing over three thousand jobs in their back office, equivalent to nearly 4% of their entire workforce, to return €1.6 billion in value to shareholders after fourth-quarter earnings declined 30% QoQ, a decline that still outperformed expectations.

BNP Paribas declined 8% and saw its shares briefly halted according to reporting by Reuters. The French bank also reported a QoQ sales miss, but didn’t offer to terminate a portion of their staff list to make up the loss for shareholders.

Volva shares climbed over 25% after announcing it would pull funding from ailing subsidiary Polestar. Volvo plans to hand the reins of Polestar over to Geely Holding, a Chinese investment company with a nearly 80% stake in Volvo.

Euro area inflation falls, but less than hoped

European inflation eased less than markets hoped in January, with the pan-European Harmonized Index of Consumer Prices (HICP) coming in at 3.3% for the year ended in January versus the forecast 3.2% and etching in a minor decline from the previous period’s 3.4% YoY.

London’s FTSE decline 8.41 points to close Thursday down 0.11% at £7,622.16, with the German DAX shedding 0.26% and closing down 44.72 points at €16,859.04.

The STOXX600 pan-European major equity index fell 0.37%, or 1.81 points to close at €483.86, with France’s CAC40 tumbling 0.89% and shedding 68 points, wrapping up Thursday at €7,588.75.

FTSE technical outlook

The FTSE’s minor decline on Thursday keeps the UK’s major equity index trapped in near-term consolidation, capped by a resistance level baked into £7,680.00.

The equity index remains in bullish territory above the 200-hour Simple Moving Average (SMA) near £7,560.00. 

On daily candlesticks, the FTSE is primed for a fresh decline back into the 200-day SMA near £7,550.00 with the UK’s large-cap index stuck in a month’s long cyclical pattern.

FTSE hourly chart

FTSE daily chart

 

US Dollar edges lower following Jobless Claims figures

The US Dollar (USD) is currently trading at 103.05, with a declining trend, largely triggered by the release of soft labor market data on Thursday that outshadowed strong ISM PMIs figures.
Read more Previous

GBP/USD rallies post BoE and Fed decisions, eyes on US Nonfarm Payrolls data

The Pound Sterling (GBP) gained some ground against the US Dollar (USD) during the North American session following back-to-back monetary policy decisions by the Bank of England (BoE) and the US Federal Reserve (Fed).
Read more Next