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Warnings and downgrades put pressure on European equities
On Friday, dismal earning updates as well as a series of broker downgrades put pressure on European equities, thus leaving regional indexes on track for their second weekly decline in a row.
Market participants have been locking in revenues, shrugging off everlasting strength in economic data because euro zone earnings surge slowed versus the previous quarters and caution rallied over whether a stock market soar could continue or not.
On Friday, Elior went down 12% after Europe's number three catering group reduced its revenue guidance, pointing to the impact of Hurricane Irma.
Equities in Fresenius SE, Just Eat, Greene King, United Utilities as well as H&M all went down more than 2% following ratings downgrades from brokers.
The STOXX 600 headed south 0.2%.
As for top gainers, we should mention Vivendi, which gained 1.5%. The benchmark reversed earlier weakness because traders assessed an earnings report from the acquisitive French media conglomerate.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.