The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany. File photo: REUTERS
The PMI data also showed that the French economy contracted in August for the first time in 18 months. Benchmark gas prices in the EU surged 13% overnight to a record peak, having doubled in just a month to be 14 times higher than the average of the past decade.Markets had begun to recover on bets the US Federal Reserve would “pivot” in 2023 away from its rate rising path.
Markets are betting on the Fed raising rates by 75 basis points in September, when the European Central Bank and Bank of England are also expected to increase their benchmark rates.
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