EUROPE Stocks edge higher

22 Nov 2022 , 07:34 PM

European stock markets were slightly up in muted trade on Tuesday, 22 November 2022, as investors assessed the mixed comments from ECB policymakers on the rate hike path as well as likely impact on global growth from the surge in COVID cases in the worlds second-largest economy. At 13:50 GMT, the pan European Stoxx 600 index added 0.5% to 435.12. Germanys DAX index added 0.1% to 14,396.19. Frances CAC 40 index added 0.04% to 6,637.16. The U.K.s FTSE 100 index added 0.7% to 7,428.94. Switzerlands Swiss Market index fell 0.2% to 11,062.80. After several ECB officials hinted at slower rate hikes, ECB policymaker Robert Holzmann has backed another 75-bps rate hike at the next rate-setting meeting in December. Chinas capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID-19 cases sparking fresh restriction measures. Deaths from the virus were also recorded in Beijing for the first time since late May. Beijing shut parks, shopping malls and museums on Tuesday, while more cities resumed mass testing for COVID-19, as cases spiked, which has fuelled concerns about the hit to the worlds second-largest economy. Back to home, shares of energy major BP Plc and Shell rallied on tracking higher oil prices after Saudi Arabias energy minister denied a report that suggested OPEC+ group was considering an increase in supply. Babcock International, an aerospace, defense and nuclear engineering services company, surged after backing its FY23 outlook. Novo Nordisk shares advanced after the Danish drug maker announced plans to expand its existing facilities in Bagsv?rd, Denmark, with the project expected to be finalized in 2024 and create about 160 new jobs. Shares of AO World soared over after the online electronics retailer said its turnaround is on track and expects underlying earnings to be at the top of its guidance range for the current fiscal year, despite a wider loss in the first half. Asia-Pacific stock markets traded in mixed fashion on Tuesday, on worries about the impact of surging COVID-19 cases in China, and on caution ahead of the US market Thanksgiving holiday on Thursday and the Federal Reserves minutes of policy meeting due in this holiday-shortened week. Japans Nikkei225 index advanced 170.95 points, or 0.61%, to 28,115.74. Australias S&P/ASX200 index was up 42.04 points, or 0.59%, to 7,181.30. Chinas Shanghai Composite Index edged up 0.13%, or 3.90 points, to 3,088.94. Hong Kongs Hang Seng Index stumbled 231.50 points, or 1.31%, to 17,424.41.Powered by Capital Market – Live News