Europe opens with losses ahead of PMI reports

Friday, 23. September 2022 09:03

Major European stock indexes opened the session below the flatline on Friday ahead of the release of preliminary reports on the manufacturing and services sector in the eurozone, Germany, and the United Kingdom after the opening bell.

The recent interest rate hikes by major European banks also weighed on the market's downturn trend, raising concerns about long-term inflation and economic slowdown.

The DAX opened the trading session dropping by 0.23%. Deutsche Bank AG was the index's worst performer, declining by 2.11%. The CAC 40 was down by 0.14% as Societe Generale SA slipped by 1.08%. The FTSE 100 lost 0.51% with Coca-Cola HBC AG slumping by 0.72%.

The euro plummeted by 0.54% against the dollar, to change hands to $0.97863 at 9:02 am CET. At the same time, the pound sterling was down by 0.57% against the American dollar, going to $1.11903.

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