Federal Reserve chair expected to address impact of blockbuster US jobs report on outlook for interest rates
European stock markets traded in a mixed fashion Tuesday, with weak German industrial production data weighing while strong results from oil giant BP (NYSE:BP) helped the U.K. outperform. German industrial production fell more than expected in December, slumping 3.1% on the previous month, far weaker than the expected drop of 0.7%. On an annual basis, industrial production was 0.6% lower than in 2021 and down 5.0% from the pre-pandemic year of 2019.
European stock markets traded lower Monday, with investors fretting about rising Sino-U.S. geopolitical tensions and the global economic outlook despite a healthy rebound in German factory orders. The European Central Bank also hiked interest rates last Thursday, and its policymakers were keen to point out that more was needed to tame inflation. Also weighing on sentiment was the news that the U.S. shot down a suspected Chinese spy balloon over the weekend, a move that was condemned by Beijing which claimed the balloon was used for meteorological purposes and had accidentally drifted into U.S. airspace.