Cooler-than-expected British inflation data boosts the mood
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COOLER-THAN-EXPECTED BRITISH INFLATION DATA BOOSTS THE MOOD
European stocks look set for another positive open, with softer-than-expected British inflation data giving FTSE futures a fillip, ahead of the equivalent print from the United States later on, while there are more results for investors to get their teeth into.
FTSE futures are up 0.9%, FFIc1, Europe's Stoxx 50 futures are 0.6% higher STXEc1.
British consumer price inflation rose to 2.2% after two months at the Bank of England's 2% target. This was a slightly smaller increase than economists expected, and services inflation, closely watched by the BoE, slowed sharply, official data showed.
U.S. CPI data is due at 1230 GMT, and will be the most important event for global markets.
The combination of the British data, and a surprise rate cut from the Reserve Bank of New Zealand suggests global monetary easing is starting to gather pace.
It was a moderately busy day for corporate results as well.
Among the standouts, UBS UBSG.S reported a net profit of $1.14 billion for the April-June period, comfortably surpassing analysts' forecasts as Switzerland's largest bank enters a new stage in the integration of its one-time rival Credit Suisse.
Europe's largest tour operator TUI TUI1n.DE beat third-quarter operating profit expectations thanks to strong summer travel demand and a boost from German rival FTI's bankruptcy.
German container firm Hapag-Lloyd HLAG.DE posted a 75% lower net profit in the first half of 2024 but focused on a higher full-year earnings outlook, where it had raised key figures in July citing market strength.
(Alun John)
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