Today's financial news

FRIDAY 22nd Sep

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Markets are struggling to swallow the interest rate changes as economic data is even more gloomy

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Europe’s flash PMIs and interest rate worries

This morning marks a release of key economic data across the eurozone, which encompasses the UK, Germany and France’s economic growth. Initial readings of the flash PMI (Purchasing Managers’ Index) results are not rosy, and markets are likely to follow the tone set by this data. August and September are widely showing as tough months for nations in the region, with more and more fingers pointing at the potential of a deep economic contraction in the last quarter of 2023. 

Downgrade hits Ocado share price

The winning lockdown stock Ocado (OCDO) saw a 20% plummet in stock value after a leading analyst, Andrew Gwynn, downgraded the stock to an ‘underperforming’ level. Gwynn works at a leading ratings spot, called Exane at BNP Paribas. Earlier in the week, Ocado had been one of the top performing stocks on the FTSE 100, thanks to an upgrade from analysts at rival JP Morgan. It goes to show how much the opinions of analysts can have on share prices, and quite how much they can also differ. 

Coty eyes Paris stock listing

Coty Inc (LON: 0I4A), the company that owns big brand names like Gucci, Tiffany, Miu Miu and Vera Wang is in the process of eyeing a stock listing on the Paris stock exchange. Most stocks have just one home, but some larger, well established companies choose to list on multiple exchanges around the globe, to maximise their fundraising abilities and availability to shareholders. This particular listing is said to still be in the works, but is a boost to the Paris market, known as the home of beauty and fashion. 

Sources: IG, Motley Fool, Reuters, Bloomberg, AJ Bell, Nasdaq, Yahoo Finance

Zoe Burt