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European shares slip after Fed minutes temper policy pivot hopes

European shares slip after Fed minutes temper policy pivot hopes
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 30, 2022. REUTERS/Staff

(Reuters) – European shares slipped on Thursday ahead of euro zone inflation data, after minutes from the Federal Reserve’s December meeting showed the central bank was committed to tame inflation.

The pan-European STOXX slipped 0.3% by 0810 GMT, after gaining more than 3% in its first three sessions of 2023.

Minutes on Wednesday from the Fed’s December policy meeting showed officials were worried about “misperception” in financial markets that their commitment to fighting inflation was flagging, though they agreed the central bank should slow the pace of its monetary policy tightening.

After a rough 2022, European shares had a strong start to the year, supported by economic data showing milder-than-expected recession and easing of price pressures in some countries, along with hopes of a post-COVID recovery in China.

Investors await producer prices data, due later in the day, for clues on the impact of European Central Bank’s aggressive tightening to tamp down inflation.

Among individual movers, British clothing retailer Next rose 5.6% after reporting better-than-expected fourth-quarter sales and raising its 2022-23 profit forecast.

Ryanair gained 4.7% on lifting its profit-after-tax forecast, citing recent pent-up travel demand while warning that COVID and the war in Ukraine could still impact its results.

Source: Investing.com

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