In yesterday’s trading the largest European stock indices were mostly down after a strong rebound in the previous session on news about slowing inflation in the U.S.

Traders take a cautious stance before the publication of the outcome of the Federal Reserve System (Fed) meeting in December. The vast majority of experts expect the U.S. Central Bank to slow the rate hike in December after raising it by 75 basis points (bps) at the end of the previous four meetings. The rate is expected to be raised by 50 bps to 4.25-4.5% at the Dec. 13-14 meeting. The news also affected the LONG-TERM EURO-BTP futures. 

Most important European stock indices – what is going on in the market? 

The Stoxx Europe 600 composite index of the largest companies in the region yesterday fell 0.02% to 442.51 points. 

German stock index DAX lost 0.26%, French CAC 40 – 0.21%, British FTSE 100 – 0.09% and Italian FTSE MIB – 0.26%. And only Spanish IBEX 35 gained 0.37%.

The statistical data released yesterday showed that inflation is also slowing down in the UK and Spain.

Consumer prices in Britain rose 10.7% year on year in November, the country’s National Statistics Office (ONS) reported. The rate of inflation was down from 11.1 percent in November. Analysts on average had forecast November inflation at 10.9%. Trading Economics noted.

The weakening rate of consumer price growth in the UK was due to a slowdown in the rise in the cost of motor fuel (to 17.2% from 22.2% in October). At the same time, the rate of price increases in restaurants and hotels reached a record 10.2% against 9.6% a month earlier, and food prices rose at the highest rate since 1977 – by 16.5%.

In Spain, inflation, calculated by EU standards, slowed in November for the fourth month in a row, amounting to 6.7% in annual terms. Analysts on average expected consumer price growth to slow to 6.6% from 7.3% in October.

Earlier we reported that a forex golden cross indicator was formed in the market.