Investors also opted wait and see stance ahead of the U.S. Federal Reserve's last scheduled rate decision of the year later today. The U.S. Federal Reserve concludes its last meeting of 2022 on Wednesday and economists widely expect the central bank to raise rates by half a percentage point. Thursday will also see monetary policy decisions from the Bank of England, European Central Bank and the Swiss National Bank.
At 12:05 GMT, the pan European Stoxx 600 index was down 0.5% to 440.43. The U.K.'s FTSE 100 index dropped 0.27% to 7,482.60. France's CAC 40 index fell 0.66% to 6,700.49. Germany's DAX index sank 0.73% to 14,391.67. Switzerland's Swiss Market index dropped 0.4% to 11,093.64.
The US Bureau of Labor Statistics reported on Tuesday that inflation in the US, as measured by the Consumer Price Index (CPI), declined to 7.1% on a yearly basis in November from 7.7% in October. This reading came in below the market forecast of 7.3%. The annual Core CPI, which excludes volatile food and energy prices, declined to 6% from 6.3% in October.
France's national statistics bureau said that in the third quarter, there was a 1.6% improvement in employment with the addition of 430,800 jobs.
ECONOMIC NEWS: Eurozone Industrial Production Declines in October-Eurozone industrial production dropped 2% from September, reversed the downwardly revised 0.8% rise in September, Eurostat, the statistical office of the European Union reported on Wednesday. All sectors except non-durable consumer goods contracted in October. Once again energy output posted the biggest monthly fall of 3.9%, followed by a 1.9% decrease in durable consumer goods production. On a yearly basis, the increase in industrial output weakened to 3.4%, as expected, from 5.1% in September.
UK Inflation Off Four Decade High- UK consumer price inflation eased in November from a 41-year high in October. Consumer prices saw an annual increase of 10.7% in November, the Office for National Statistics said. This was down from 11.1% in October, which was the highest since 1981. Core inflation that excludes energy, food, alcoholic beverages and tobacco, slowed to 6.3%.
UK House Price Inflation Accelerates In October- UK house price inflation accelerated in October due to the low base of comparison, the Office for National Statistics said Wednesday. House prices advanced 12.6% on a yearly basis in October, up from 9.9% in September. The annual increase was mainly due to the base effect as prices decreased by GBP 6,000 between September and October 2021, following changes to Stamp Duty Land Tax. The average UK house price hit a record GBP 296,000 in October. On a monthly basis, house prices gained by seasonally adjusted 0.7%, following an increase of 0.5% in the previous month.
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