EUROPE Stocks climb on inflation data, signs of thawing China-US ties

15 Nov 2022 , 07:55 PM

European stock markets were trading in positive territory around afternoon on Tuesday, 15 November 2022, as risk sentiment improved after positive inflation news, optimism about Chinas reopening and economic support measures. Also boosting sentiments was hopes of calming Sino-US tensions after talks between US President Joe Biden and Chinas President Xi Jinping at the G20 summit on Monday. At 14:10 GMT, the pan European Stoxx 600 index added 0.5%, or 2.23 points, to 435.09. Germanys DAX index rose 0.5%, or 74.90 points, to 14,388.20. Frances CAC 40 index added 0.8%, or 51.40 points, to 6,660.57. The U.K.s FTSE 100 index fell 0.14%, or 10.31 points, to 7,374.86. Switzerlands Swiss Market index added 0.55%, or 60.15 points, to 11,059.74. Investors cheered the easing of tensions in strained U.S.-China relations after a meeting of the heads of the worlds top two economies on the sidelines of the G20 Summit. The US said it will resume cooperation with China on areas ranging from climate change to food security following the first in-person meeting between President Joe Biden and his counterpart Xi Jinping in Bali on Monday. The US will also send Secretary of State Anthony Blinken to visit China to further warm bilateral ties. Back in Europe, there was also positive inflation news Tuesday, with Spanish consumer prices rising 7.3% year-on-year in October, down from 8.9% in the period through September. French CPI rose 6.2% on the year in October, while unemployment in France eased back to its lowest in 14 years in the third quarter. U.K. unemployment rate edged higher to 3.6% in September, Vodafone shares were lower after the telecommunications company cut its full-year free cash flow forecast and said earnings would come in towards the bottom of its range. BAE Systems stock rose after U.K.s largest defense contractor reported another strong quarter of orders and raised its full-year profit guidance due to sterlings weakness. Powered by Capital Market – Live News