With losses closed tonight euro markets.
Major European stock markets fell, while Britain’s unemployment rose to its highest level in 2.5 years, rising 4.4% in the quarter to April, the highest since mid-2021 weekly earnings in the private sector increased by 5.8%, a two-year low.
The central bank’s chief economist, Philip Lane, stressed that the European Central Bank may wait some time to cut interest rates due to high uncertainty about the inflation outlook.
Today, OPEC kept the report’s forecast for oil demand in 2024 at the same level, as tourism and travel will provide a boost. Specifically, as reported by Reuters, it is emphasized that the global demand for crude oil will increase to 2.25 million barrels per day in 2024 and to 1.85 million barrels per day in 2025. The forecasts remain stagnant compared to last month. OPEC expects global demand for crude oil to increase by 2.3 million barrels per day in the second half.
In particular, the Stoxx Europe 600 ended at 517.37 points, down almost 0.92%.
The Euro Stoxx 50 closed at 4,964.25 points, down 1.04%.
At the same time, the British FTSE 100 touched 8,145.39 points, falling 1.01%.
The German DAX moved to 18,358 points, with losses of 0.7%.
The French CAC 40, which was at 7,789.21 points, fell 1.33%.
Italy’s FTSE MIB reached 33,873 points, a drop of 1.94%.
At the end, the Spanish IBEX 35 was at 11,179.5 points, losing 1.56%.