Salem Radio Network News Monday, September 26, 2022

Business

European shares open lower as U.S. inflation data looms; Ahold jumps

(Reuters) – European shares edged lower at the open on Wednesday on losses in technology stocks ahead of key inflation data from the United States, while gains in supermarket major Ahold Delhaize kept declines in check.

The pan-European STOXX 600 index dipped 0.2% within the first half an hour of trading.

A higher-than-expected U.S. Consumer Price Index report for July could spook markets, which are already expecting a high chance of a 75 basis point interest rate hike by the Federal Reserve next month.

Rate-sensitive tech stocks shed 0.5%, to lead sectoral declines as euro zone money markets now fully price in a half-point interest rate hike by the European Central Bank in September. [GVD/EUR]

Helping the STOXX 600 cut back losses was a 5.9% jump in Ahold Delhaize, powering it to the top of the index.

The Dutch company said it was postponing plans for an initial public offering (IPO) of its non-food retailer, Bol.com, because of unfavourable market conditions.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj Kalluvila)

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