June 18, 2024

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European Shares Mostly Higher Ahead Of Lagarde’s Speech

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European stocks were mostly higher on Tuesday as bond yields eased and investors looked ahead to earnings reports from tech giants, including Microsoft Corp., Alphabet Inc. and Amazon.com, later this week for direction.

The euro traded lower after a survey showed Eurozone business activity took a surprise turn for the worse this month.

The HCOB’s flash euro zone Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, dropped to 46.5 from September’s 47.2 – hitting its lowest since November 2020.

German consumer confidence weakened for a third consecutive month in November and contraction persisted in the U.K.’s private sector for a third consecutive month, while the U.K.’s jobless rate was unchanged in the three months to August, separate reports showed.

European Central Bank (ECB) president Christine Lagarde is due to speak later today ahead of the ECB’s policy meeting on Thursday.

The pan European STOXX 600 was marginally higher at 433.36 after closing 0.1 percent lower on Monday.

The German DAX edged up 0.1 percent and France’s CAC 40 added 0.3 percent while the U.K.’s FTSE 100 was down 0.1 percent.

Italian lender UniCredit was slightly lower despite beating Q3 profit estimates.

Swiss computer parts maker Logitech International soared 10 percent after lifting its full-year guidance.

Miners advanced, with Anglo American, Antofagasta and Glencore all rising around 1 percent as base metal prices rose on a weaker dollar.

Barclays slumped 6.3 percent after the British lender warned of margin pressure and hinted at major cost cutting later this year.

Peers Lloyds Banking Group and NatWest fell around 2 percent each.

Distribution services giant Bunzl tumbled 4.5 percent after revenue for the third quarter fell 4.8 percent at constant exchange rates.

Birkin bag maker Hermes rose over 2 percent in Paris after third-quarter sales beat expectations.

Puma shares jumped nearly 4 percent after the German sportswear brand stood by its full-year profit outlook.


2023-10-24 05:50:12

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