June 23, 2024

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European Shares Marginally Higher As Investors Await Fed Decision

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European stocks were flat to slightly higher on Wednesday on optimism that the European Central Bank is done with raising rates.

Meanwhile, investors cheered data showing that British house prices in October were 0.9 percent higher than in September, supported by a lack of properties for sale.

The pan European STOXX 600 was up 0.2 percent at 434.53 after suffering its biggest monthly loss in about a year.

The German DAX was marginally higher, while France’s CAC 40 and the U.K.’s FTSE 100 both edged up around 0.1 percent.

The euro extended losses for a second straight session against the dollar as traders await the Federal Reserve’s rate decision and Chair Jerome Powell’s press conference later in the day.

In corporate news, Wolters Kluwer NV shares were down nearly 4 percent. The Netherlands-based information, software and services company said that adjusted operating profit for the first nine months of the year declined 2 percent in constant currencies.

Skanska plunged more than 11 percent. The Swedish builder reported third-quarter operating earnings well below market expectations as a result of weak property markets.

ASOS plunged 10 percent in London after the embattled fast fashion retailer posted a near £300m annual loss.

Aston Martin Lagonda plummeted 14 percent. The luxury carmaker lowered its 2023 volume outlook for the DB12 model after posting a wider-than-expected third-quarter loss.

Neste fell more than 1 percent after the Finnish refiner announced plans to cut 400 jobs in a cost cutting drive.

Barry Callebaut, the world’s biggest chocolate maker, surged 4.2 percent after updating its mid-term volume target.

British clothing and homeware group Next rallied 3.4 percent after raising its profit guidance for the fourth time so for this fiscal year.

Likewise, pharmaceutical giant GSK rose about 1 percent after upgrading its financial guidance for the second time this year.

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2023-11-01 05:42:55

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