June 18, 2024

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European Shares Inch Lower In Cautious Trade Ahead Of Powell’s Speech

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European stocks were subdued on Wednesday as investors reacted to a slew of earnings updates and looked ahead to Fed Chair Jerome Powell’s speech for direction.

In economic releases, Germany’s consumer price inflation slowed sharply in October to hit the lowest in more than two years, final data from Destatis showed.

The consumer price index rose 3.8 percent year-on-year, following a 4.5 percent increase in the previous month. This was the lowest rate since August 2021 and matched the flash estimate published on October 30.

The pan European STOXX 600 was down 0.2 percent at 442.04 after declining 0.2 percent on Tuesday.

The German DAX dropped 0.3 percent, France’s CAC 40 slipped 0.2 percent and the U.K.’s FTSE 100 was marginally lower.

ABN AMRO plunged 8 percent after net interest income missed estimates.

Marks and Spencer jumped 10 percent after reporting a significant increase in its half-year statutory pre-tax profit for 2023.

Serco rose 1.3 percent on winning a £200m contract to deliver electronic monitoring services for the Ministry of Justice.

ITV plunged more than 6 percent after reporting broadly flat revenue.

Persimmon fell about 1 percent after naming Andrew Duxbury as its next chief financial officer.

Credit Agricole rose over 1 percent after delivering better-than-expected third-quarter earnings.

Continental AG rallied 2 percent after reporting higher earnings and slightly raising its outlook for the tires business.

Commerzbank surged 4.5 percent after Q3 net profit more than tripled.

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2023-11-08 04:36:13

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