EUROPE Stocks mostly gains on German industrial production data

7 Nov 2022 , 05:41 PM

European stock markets were trading edge higher late afternoon on Monday, 07 November 2022, as stronger-than-expected German industrial production data offset the dashing of hopes of an easing of Chinas strict COVID policy after Chinas health officials reiterated its commitment to maintaining strict COVID-related curbs. Also, investors geared up for a busy week in U.S. politics, with the Congressional midterm elections, as well as the latest consumer inflation report. At 11:50 GMT, the pan European Stoxx 600 index climbed 0.57%, or 2.36 points, to 419.34. Germanys DAX index added 0.9%, or 119.23 points, to 13,579.08. Frances CAC 40 index added 0.15%, or 9.64 points, to 6,426.08. The U.K.s FTSE 100 index fell 0.21%, or 15.08 points, to 7319.76. Switzerlands Swiss Market index fell 0.16%, or 17.61 points, to 10,770.16. Swedish Match shares gained about 1% after tobacco giant Philip Morris International said it was going ahead with its $16 billion plan to buy the Swedish firm. Ryanair Holdings shares advanced after the budget carrier raised its expectations for full-year passenger traffic, forecasting 168 million passengers during its 2023 fiscal year, up from a previous guidance of 166.5 million. PayPoint shares slumped nearly 5% after it agreed to buy gifting and engagement firm Appreciate Group for 83 million pounds in shares and cash. GSK shares lower after the drug maker said a late-stage study of its blood cancer drug Blenrep failed to meet its main goal. ECONOMIC NEWS: German industrial production grew 0.6% month-on-month in September, up from a downwardly revised contraction of 1.2% in August U.K. house prices were down 0.4% in October from September, when prices slid 0.1%, data published by the Llyods Bank subsidiary Halifax showed. Powered by Capital Market – Live News