EUROPE Stocks fall ahead of US CPI report

10 Nov 2022 , 07:16 PM

European stocks were mixed in choppy trade on Thursday, 10 November 2022, as risk sentiments subdued maid soft lead from global markets amid inconclusive U.S. midterm election results, tightening COVID-19 curbs in China, and anxiety ahead of a pivotal US consumer price report. At 13:40 GMT, the pan European Stoxx 600 index added 0.3%, or 1.26 points, to 421.60. Germanys DAX index rose 0.15%, or 20.05 points, to 13,686.37. Frances CAC 40 index fell 0.3%, or 17.34 points, to 6,413.23. The U.K.s FTSE 100 index added 0.14%, or 10.36 points, to 7,306.61. Switzerlands Swiss Market index added 0.2%, or 19.44 points, to 10,923.77. Market participants were also closely watching the U.S. election results as they expect a Republican majority to curtail President Joe Bidens ability to pursue expansive fiscal policy plans, negatively impacting rates. Persistent COVID disruptions and mobility restrictions have hurt Chinas domestic demand and weighed on the worlds second-largest economy, with the International Monetary Fund cutting Chinas full-year growth forecast to 3.2% from 4.4% previously. China reported 9,005 new COVID-19 infections for Nov. 9, including both symptomatic and asymptomatic cases, compared with 8,335 new cases a day earlier. In Chinas southern manufacturing hub of Guangzhou, millions of residents are being tested for COVID-19 in a fight against citys worst outbreak so far. Traders continued to look ahead to report on US consumer price inflation data due later in global day which would give clues about how much the U.S. Federal Reserves rapid interest rate hikes are helping cool down the economy. Back in Europe, Data from the UK painted a dour picture of the economy, with a recent report showing British house prices fell for the first time in 28 months in October. Economic activity in Europe is estimated to have slowed in Q3, and a further weakening in Q4 and early 2023 is anticipated, the European Central Bank reported in its latest Economic Bulletin. shares of Anglo American and Antofagasta fell around 2% each in London, as a surge in COVID-19 cases spurred lockdowns in the southern Chinese manufacturing hub of Guangzhou. BP Plc dropped 0.5% and Shell gave up 1.3% as oil extended losses for a fourth day on bearish inventory data and China demand worries. Energy giant Centrica jumped 8.5% after lifting guidance and launching a 250 million pound share buyback. Tate & Lyle advanced 1.6% as the provider of food-and-beverage ingredients reported a rise in pre-tax profit for the first half and said it expects to meet full-year market expectations. Cr?dit Agricole shares fell 4.3% as the French lender reported lower-than-expected revenue in the third quarter, hit by weaker trading income and withdrawals at asset manager Amundi. Continental AG shares rallied 3% as the German automotive supplier and tire manufacturer maintained its fiscal 2022 forecast after reporting a loss in its third quarter.Powered by Capital Market – Live News