European stocks retreat, euro dips

LONDON:

European stocks retreated on Wednesday as the EU took precautionary measures in the face of reduced Russian gas supplies. The euro bobbed about before settling lower ahead of a key ECB meeting on Thursday. Oil prices slid on renewed recession worries, while US stocks added to a rally the previous day, which helped Asian stocks move higher. US stocks had rebounded strongly Tuesday as companies’ earnings soothed concerns about the impact on their bottom lines from soaring inflation and rising interest rates. While several firms – such as Apple and Johnson & Johnson - have indicated they have concerns about the outlook, there is a feeling that the sell-off across markets could be reaching a bottom.

Published in The Express Tribune, July 21^st, 2022.

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