Weekly Trading Update

Eurozone inflation figures worry investors



European markets took a hit today, as the Eurozone announced inflation had hit its highest level since July 2008, at 4.1%.

The FTSE is currently down 0.40%, matched by the CAC, while the DAX is falling by 0.64%.

UK figures not helped by a 5% drop for Natwest, after a disappointing trading update, despite tripling pre-tax profits in the last three months, from the same period last year.

Even though the ECB still claims the inflation only to be temporary, right now there are not too many signs it will be subsiding anytime soon. Could this put a dampener on global markets attempting to recover from the pandemic?

US markets are seeing a similar downturn thanks to disappointing earning updates from the likes of Amazon and Apple, who both have dropped over 3% since open.

It comes as Microsoft now takes the top spot from Apple as the world’s most valuable company, with a market valuation of $2.46 trillion.

Somewhat recovering some of these loses is Facebook (+2.25%) or should I say Meta. This is mainly due to the social media giant looking to re-brand itself after facing heavy criticism in the news recently, by coming up with a fresh new name.

Although many are doubtful that these changes may only create a short-term solution to a long-term problem.

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