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European shares extended gains for the fifth consecutive session on Tuesday, supported by the mining and defense sectors, although fears of a possible recession limited the pace of the indices’ upside.
An internal European Union document shows the bloc plans to fivefold financial support for an African military mission in Mozambique, at a time when Islamist attacks threaten gas projects that are supposed to reduce the bloc’s dependence on Russian energy resources.
The leading Swedish furniture maker has decided to liquidate its Russian unit, Ikea Dome, to further reduce its operations after more than a decade of starting its presence in the country, a record showed on Tuesday.
Dozens of brands suspended operations in Russia after Moscow sent tens of thousands of troops to Ukraine on February 24. Companies such as H&M, IKEA and Nike were among the companies that announced plans for a permanent exit from the Russian market.
Ikea, the world’s largest furniture brand, closed its stores in March and said it would sell factories, close headquarters and cut its 15,000-strong workforce in Russia.
Energy shortages due to the Ukraine war have added impetus to Europe’s quest for gas off the northern coast of Mozambique, where Western oil companies plan to build a massive liquefied natural gas terminal.
Inflation in Canada, as measured by the Consumer Price Index (CPI), declined to 7.6% on a yearly basis in July from 8.1% in June, the data published by Statistics Canada revealed on Tuesday. This print came in line with the market expectation.
The Bank of Canada’s (BOC) Core CPI, which excludes volatile food and energy prices, edged lower to 6.1% from 6.2% in the same period, compared to analysts’ estimate of 6.7%.
The data published by the US Federal Reserve showed on Tuesday that Industrial Production rose by 0.6% on a monthly basis in July. This print came in better than the market expectation for an expansion of 0.3%. In the same period, Manufacturing Production increased by 0.7% after having contracted by 0.4% in each of the previous two months.
