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peter nurse
Investing.com – European stocks traded modestly higher on Tuesday, aided by strong UK labor market data, but gains were limited by caution ahead of much-anticipated US inflation data release It is targeted.
At 03:35 ET (08:35 GMT), the German pound traded 0.3% higher, the French pound was up 0.3% and the UK pound was up 0.4%.
Helping the tone on Tuesday was the release of data showing the UK labor market remains relatively resilient despite the country’s economic woes.
remained at 3.7% for the three months to December, but instead of rising close to 18,000 as expected, it fell close to 13,000 in January.
That said, the pace of base salary growth in the UK accelerated again in the last three months of 2022, heightening Bank of England concerns about inflationary pressures in the economy.
Inflation will also be a major focus across the pond later on Tuesday as investors will scrutinize the US in January for clues as to how many more rate hikes are allowed this January. will be
Back in Europe, the revised Eurozone GDP release confirms 0.1% in the final quarter of 2022, which is expected to result in 1.9%.
Interest rates have been raised by 3 percentage points since July and as they remain elevated, we expect rates to continue rising by at least another 1 percentage point before peaking.
In the corporate sector, Coca-Cola HBC (LON:) shares rose more than 3% after the London-listed bottling company reported higher-than-expected operating profit in 2022, supported by price hikes and cost-cutting measures. rose. .
Oil prices fell on Tuesday after the US government surprised markets by announcing it would release more crude from its strategic reserves late Monday.
The U.S. Department of Energy has announced that it will sell 26 million barrels of oil from its Strategic Oil Reserve. This counters the rise, contrary to expectations that such a move would be delayed (or canceled) after the Department of Petroleum and Energy releases a record 180 million barrels from its oil reserves in 2022. It’s for fuel price.
By 03:35 ET, futures had fallen 1% to $79.31 a barrel and the contract had fallen 0.7% to $86.02.
It also traded 0.3% higher at $1,870.35/oz and 0.1% higher at 1.0750.