News Synopsis
The International Monetary Fund (IMF) downgraded its outlook for the global economy in 2021 on Tuesday, but still predicts moderate growth in the medium term. #ThinkWithNiche
The Stoxx 600 index fell 0.1 percent in early trade, with basic resources falling 0.9 percent and technology firms rising 1%. European markets are off to a sluggish start as global trade continues turbulent due to concerns about inflation, economic growth, and rising oil prices. When the consumer price index is reported at 8:30 a.m. ET on Wednesday, economists estimate a 0.3 percent increase or a 5.3 percent annualized rate. Investors are also anticipating a flurry of profits from the United States, with big banks reporting third-quarter results this week.
In terms of individual stock price action in Europe, THG shares fell another 9% in early trade, following a 35 percent drop on Tuesday. The presentation left investors feeling let down. Following a great earnings report, Man Group, a British investment firm, soared 6.6 percent to the top of the Stoxx 600.
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