EUROPE Markets extends gain on inflation data

30 Nov 2022 , 05:49 PM

European stock markets were higher on Wednesday, 30 November 2022, extending gains to second straight day, on softer than expected eurozone inflation data and hopes that China will ease up on the strict Covid-zero policies and would announces other policy stimulus. However, market gains were limited as investors awaited crucial U.S. Federal Reserve Chairman Jerome Powells speech for clues on the direction of monetary policy. At 12:00 GMT, the pan European Stoxx 600 index added 0.7% to 440.19. The U.K.s FTSE 100 index added 0.64% to 7,560.27. Frances CAC 40 index rose 0.56% to 6,706.09. Germanys DAX index gained 0.4% to 14,411.14. Switzerlands Swiss Market index inclined 0.8% to 11,169.29. Euro zone inflation dropped by more than expected in November, fueling market hopes that record-high price growth across the bloc has peaked and the European Central Bank will begin slowing its interest rate hikes next month. The consumer price index grew by 10% year-on-year, down from 10.6% in October Chinese health officials on Tuesday announced measures to boost vaccination among the elderly, an indicator seen as important for reopening the economy. Investors were awaiting a speech by U.S. Federal Reserve Chair Jerome Powell later in the day for clues over the size of future rate hikes. SBB shares advanced after the Swedish real estate company agreed to sell a 49% stake in its education unit to Brookfield for 9.2 billion Swedish krone ($870.42 million). Fashion retailer H&M Group shares traded stronger after announcing it will cut 1,500 jobs in a cost saving drive. Asian market closed higher on Wednesday, as investors clung to hopes that China will soon reopen its economy, despite rising COVID cases. Japans Nikei225 index grew 0.21%. Chinas Shanghai Composite Index was up 0.05%. Hong Kongs Hang Seng Index was up 2.16%.Powered by Capital Market – Live News