Stock markets open lower ahead of European macroeconomic results

Stock markets open lower ahead of European macroeconomic results
© Belga

European stock markets started Tuesday’s trading session lower than usual, with investors tense ahead of the publication of the European Central Bank’s (ECB) macroeconomic projections, including eurozone growth.

The Paris Stock Exchange opened 0.1% lower this morning at 7,075.09. The Italian Stock Exchange opened slightly higher, up 0.04%, while the Frankfurt stock exchange dropped by 0.3%.

The BEL20 opened 0.4% lower at the start of trading today, falling to 3840.38.

Investors are worried that inflation and the subsequent monetary policies of European central banks, will lead to a downturn in economic activity. In Belgium, recession concerns have been eased by a new study conducted by Belgium’s central bank, the National Bank of Belgium, which estimates that the Belgian economy grew by 0.1% in the last quarter of 2022.

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In London, the market opened down 0.24% following the first few trades. The International Monetary Fund (IMF) now expects that the UK will be the only G-7 economy to enter into recession this year, despite an improved economic outlook.

The British economy likely contracted by 0.5% by the end of the first quarter of this year. Even the Russian economy is expected to outpace the UK, growing 1% this year, the IMF forecasts.

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