By mid-morning Thursday the
A similar picture in European majors sees the French CAC 40 down 1.1% and the German DAX 30 down 1.2%.
It has been a very quiet week in terms of top-tier economic data, but any numbers that have been released have painted a disappointing picture compared to the positivity provided by last week's strong US jobs report.
So far Thursday, data has shown the
On top of that, French consumer prices showed no growth at all in June, a disappointment compared to the market expectation for 0.1% growth. Meanwhile, Italian industrial output fell by 1.2% in May, missing forecasts for 0.2% growth, and Chinese trade data released overnight was also underwhelming.
"Any chance of a bullish open following the example set by last night's US markets has been derailed, with the pre-market release of poor Chinese trade balance figures and the almost ubiquitously disappointing French data," says IG market analyst
As the equity sell-off continues, the price of precious metals continues to rise due to increased demand for safer assets. Following a number of days of increased demand, analysts say gold has just broken out above a technical level, as the yellow metal has spiked to a near four-month high of
The precious metal miners are therefore providing a little support to the otherwise weak
Recruitment company Hays also has warned about the strength of sterling, saying that its net fee income was flat in its fourth-quarter, as the strength of sterling against the euro and Australian dollar wiped out strong growth in the
At the other end of the
Still to come after a volatile morning, the Bank of
Even so, the expectation is for no change to the 0.5% base interest rate of the
US initial jobless claims data will be released at
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