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coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,065
2324hr
Pakistan Cases
1,353,479
7,67824hr
Sindh
516,874
Punjab
458,879
Balochistan
33,812
Islamabad
115,047
KPK
183,403

LONDON: Europe's stock markets sank Monday after a mixed Asian session, as investors tracked weak Chinese data and fears that high inflation will spell tighter global monetary policy.

China's economic growth eased to 4.9 percent in July-September, slower than forecasts, as a crackdown on its property sector and an energy crisis began to bite.

"European markets head lower after disappointing Chinese data," said IG analyst Joshua Mahony.

Elsewhere Monday, oil prices hit multi-year peaks on tight supplies and soaring demand.

Bitcoin rose above $62,800, with optimism that US regulators will make the cryptocurrency more attractive to traditional investors.

It had hit its all-time high of $64,870 in April before plunging on Chinese regulatory concerns.

Bitcoin hits $60,000 on US ETF expectations

Traders on Monday assessed weekend remarks from European Central Bank chief Christine Lagarde and Bank of England (BoE) boss Andrew Bailey, against a backdrop of simmering inflationary pressures.

Lagarde stated that high inflation was "largely transitory", indicating the ECB's supportive monetary policy would continue.

In contrast, Bailey warned that the BoE might "have to act" to curb rising inflation, signalling its main interest rate might rise soon from its record-low 0.1 percent.

"The difference between two central bank governors could hardly be any more pronounced," noted Commerzbank analyst Ulrich Leuchtmann.

Rising interest rates increase borrowing costs for companies, which can weigh on their share prices.

Some central banks -- including in South Korea and New Zealand -- have recently hiked borrowing costs.

"Rising inflation pressures are increasingly putting the pressure on central banks to act," warned Mahoney.

Low interest rates and huge central bank stimulus has helped to prop up the economy during the pandemic.

But the US Federal Reserve is expected to begin paring its stimulus before the end of the year.

Key figures around 1110 GMT

London - FTSE 100: DOWN 0.3 percent at 7,212.87 points

Frankfurt - DAX: DOWN 0.6 percent at 15,495.83

Paris - CAC 40: DOWN 0.9 percent at 6,666.36

EURO STOXX 50: DOWN 0.8 percent at 4,148.52

Tokyo - Nikkei 225: DOWN 0.2 percent at 29,025.46 (close)

Hong Kong - Hang Seng Index: UP 0.3 percent at 25,409.75 (close)

Shanghai - Composite: DOWN 0.1 percent at 3,568.14 (close)

New York - Dow: UP 1.1 percent at 35,294.76 (close)

Euro/dollar: DOWN at $1.1592 from $1.1601 at 2100 GMT

Pound/dollar: DOWN at $1.3733 from $1.3751

Euro/pound: UP at 84.38 from 84.37 pence

Dollar/yen: UP at 114.39 yen from 114.22 yen

Brent North Sea crude: UP 0.8 percent at $85.50 per barrel

West Texas Intermediate: UP 1.2 percent at $83.28 per barrel

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