European stock markets were mostly lower on Wednesday, 09 November 2022, as investors awaited the results of the closely watched US midterm elections that could signify a power shift in Washington. Also weighing sentiments was official data showing Chinas factory gate prices went backwards and consumer inflation slowed, highlighting concerns about weakening demand and consumption trend and the economic outlook in the country. At 14:00 GMT, the pan European Stoxx 600 index fell 0.4%, or 1.61 points, to 420. Germanys DAX index shed 0.5%, or 72.27 points, to 13,616.48. Frances CAC 40 index fell 0.3%, or 22.04 points, to 6,419.46. The U.K.s FTSE 100 index fell 0.16%, or 11.39 points, to 7,294.75. Switzerlands Swiss Market index added 0.3%, or 33.42 points, to 10,860.46. The latest US midterm results point towards the Republicans taking control of the House of Representatives, creating the potential for political gridlock, while the race for command of the Senate looks too close to call. Given the contentious nature of U.S. politics, it may take days for a clear picture to emerge. Investor appetite was dampened by latest official data showing that the worlds second-largest economy factory gate prices fell for the first time in nearly two years and consumer inflation slowed, highlighting concerns about weakening demand and consumption trend and the economic outlook in the country. Chinas producer price index (PPI), which reflects the prices that factories charge wholesalers for products, fell by 1.3% year on year in October, down from 0.9% growth in September, the National Bureau of Statistics (NBS) said on Wednesday. China consumer price index (CPI), meanwhile, rose by 2.1% in October from a year earlier, down from 2.8% growth in September, remaining below the annual target of ?around 3%?. Chinas core consumer inflation rate, excluding the volatile prices of food and energy, rose by 0.6% in October compared with a year earlier, unchanged from September. Back in Europe, there have been a number of significant quarterly corporate earnings to digest. Ahold Delhaize stock rose 1.8% after the Dutch-Belgian supermarket group raised its annual outlook for the third time this year on the back of a strong increase in sales and earnings in the third quarter. Marks and Spencer stock down 4% after the U.K. retailer put off a decision on resuming shareholder payouts until closer to the end of its fiscal year, with inflation hitting the companys margins in its important food division. ABN Amro stock rose 4.4% after the Dutch bank reported a more than doubling of its net profit in the third quarter, helped by rising interest rates and low impairments. Commerzbank stock fell 5% after the German lender reported a 52% drop in its net profit in the third quarter following previously flagged problems at a Polish unit.Powered by Capital Market – Live News
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