EUROPE: Stocks trade softer

16 Nov 2022 , 06:14 PM

European stock markets were lower around afternoon on Wednesday, 16 November 2022, as risk sentiments turned downbeat after news of a Russian-made missile strike in NATO-member Poland as well as sharp rise in U.K. inflation. At 12:35 GMT, the pan European Stoxx 600 index fell 0.8%, or 3.44 points, to 430.96. Germanys DAX index fell 1%, or 145.77 points, to 14,232.74. Frances CAC 40 index sank 0.5%, or 32.76 points, to 6,608.90. The U.K.s FTSE 100 index fell 0.11%, or 8.13 points, to 7,361.31. Switzerlands Swiss Market index fell 0.83%, or 91.17 points, to 10,935.05. NATO member Poland said on early Wednesday that a Russian-made rocket killed two people in eastern Poland near Ukraine, and it summoned Russias ambassador to Warsaw for an explanation after Moscow denied it was responsible. US President Joe Biden said the United States and its NATO allies were investigating the blast but early information suggested it may not have been caused by a missile fired from Russia. US officials have suggested that the missile which hit Poland was fired by Ukrainian forces at an incoming Russian missile. Elsewhere, the latest inflation data out of the U.K. showed that consumer prices rose 11.1% in October from a year earlier, a 41-year high and a jump from 10.1% the prior month. Among individual stocks, Siemens Energy shares advanced after announcing it would not be paying a dividend for 2022, citing a quarterly net loss, hit by a charge due to the restructuring of its Russian division, as well as challenges related to its struggling wind turbine division Siemens Gamesa Experian shares were up after the worlds largest credit data firm posted a higher first-half profit, boosted by steady demand for borrowing across its markets. Premier Foods stock rose after the company reported a rise in half-yearly adjusted profit on strong demand for its cakes and grocery products.Powered by Capital Market – Live News