Car makers, travel stocks dip (Il Sole 24 Ore Radiocor) - Milan, 13 Jun - Back in Europe, seasonally adjusted industrial production decreased by 0.1% in the euro area and increased by 0.5% in the EU in April compared with March, according to first estimates from Eurostat, the statistical office of the European Union. In March, industrial production grew by 0.5% in the euro area and remained stable in the EU. In April 2024, compared with April 2023, industrial production decreased by 3.0% the euro area and by 2.0% in the EU.

Last week, the European Central Bank cut rates by 25 basis points for the first time since 2019 as widely expected by the markets, but did not commit to a particular path in the coming meetings. Despite a hike in inflation forecasts, investors still believe the ECB is likely to cut interest rates in September.

Oil prices dropped after official data showed a surprise build in US crude inventories, while the International Energy Agency slashed its oil demand growth forecast for 2024 and warned of a looming supply glut.

In European stock market dealings most sectors were lower, with travel and auto stocks leading the losses.

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(RADIOCOR) 13-06-24 13:46:46 (0342) 5 NNNN