European market indexes held steady near record levels as investors reviewed the latest monetary policy announcements from major central banks. Bond yields drifted lower, and the euro and the British pound edged higher against the U.S. dollar.
European markets traded near record highs as investors reviewed the latest monetary policy announcements from the central banks of the U.S., Switzerland, and Norway. European Union passenger car sales in February jumped by 10%.
German producer price inflation slowed for the eighth month in a row in February. The UK's consumer price inflation slowed in February, but the core rate of inflation stayed sharply higher than the central bank's target rate.
European markets traded in a tight range near record highs as investors awaited monetary policy decisions from the Bank of England and the U.S. Federal Reserve. Hourly labor cost growth in the Euro Area slowed in the fourth quarter of 2023 to the lowest pace since six quarters ago.
European markets advanced ahead of rate decisions from the central banks of the U.S., UK, and Japan this week. Euro Area inflation eased in February after energy prices continued to decline.
Benchmark indexes in France and Germany traded at new record highs, and crude oil prices jumped to a 4-month high. Spain's inflation dropped to a six-month low, reflecting lower energy prices and slower food price inflation.
Industrial production in the eurozone plunged in January, largely because of a sharp decline in capital goods orders. Germany's wholesale prices eased in January, confirming the yearlong inflation cooling trend.
UK wage growth in the three months to January eased, the jobless rate expanded, and applicants for jobless benefits advanced. Germany confirmed the preliminary estimate of inflation in February after food prices rose at a slower pace.
European benchmark indexes traded down from record highs as investors booked profits. The eurozone bond yield drifted lower amid rising expectations of a rate cut as early as June. Spain's retail trade activity expanded for the fourteenth month in a row in January.
German factory orders plummeted in January, largely because of the base effect in the previous month. The UK home price rose at a slower pace in February, indicating a stable start in 2024.
Eurozone retail sales barely advanced in January as consumers avoided discretionary spending amid high prices and elevated interest rates. Germany's trade surplus rose to a January record high after exports rose and imports fell.
European markets were on the defensive as investors awaited monetary policy decisions from the European Central Bank and the UK's general budget later in the week.
