EUROPE Stocks trade lower

17 Nov 2022 , 05:42 PM

European stock markets were mostly lower around midday on Thursday, 17 November 2022, as optimism about Siemens earnings and that the European Central Bank might slow its rate hikes overshadowed on caution ahead of the latest U.K. fiscal statement and the release of key Eurozone inflation data. At 12:05 GMT, the pan European Stoxx 600 index fell 0.5% to 428.25. Germanys DAX index added 0.00% to 14,234.73. Frances CAC 40 index sank 0.7% to 6,562.17. The U.K.s FTSE 100 index fell 0.5% to 7,314.02. Switzerlands Swiss Market index fell 0.46% to 10,886.26. Market participants opted sideline on caution ahead of the U.K. Chancellors Autumn Statement later in the session, with hefty tax hikes and spending cuts on the menu as the government tries to plug a substantial fiscal black hole, only made worse by Downing Streets last effort at a mini-budget. The highlight of Thursdays European data slate is the latest release of the CPI figure for the Eurozone for October. Traders were also awaiting for speeches from Fed officials on later today for hints about rate hikes. Regional Fed Presidents Raphael Bostic, Loretta Mester and Neel Kashkari are all due to speak. Hawkish remarks from Fed officials overnight added to doubts about a shift in policy, with San Francisco Fed President Mary Daly – until recently one of the most dovish officials – saying a pause was off the table. Siemens shares were higher as the German engineering giant posted a better-than-expected fourth-quarter profit at its industrial business, offering up a dividend increase and a strikingly upbeat outlook for the next 12 months. Powered by Capital Market – Live News