European markets snap losing streak
Belgium, Denmark, Finland, Greece, Netherlands, Norway, Portugal, Spain and Sweden closed higher
European markets snapped a five-day losing streak on Thursday as stronger than expected third-quarter earnings.
The pan European Stoxx 600 jumped 0.4%. The U.K.’s FTSE 100 added 0.21%, while Germany’s DAX and France’s CAC 40 closed up by 0.5% and 0.34%, respectively. Switzerland’s SMI rose 0.1%.
Among other markets in Europe, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Portugal, Spain and Sweden closed higher.
Russia, Czech Republic and Ireland closed weak, while Iceland and Poland ended flat.
In UK, Games Workshop climbed 13.5% after the company said it expects a rise in earnings and revenue for the first half.
Airtel Africa added nearly 3.4%. Diploma, Polar Capital Technology Trust, BAE Systems, Melrose Industries, Tesco, Prudential, Informa, M&G, IAG, Severn Trent, Rolls-Royce Holdings and Haleon rose 1 to 2.2%.
In the German market, Qiagen, Siemens Energy, RWE, Rheinmetall, Siemens, Gea Group, Allianz and Infineon added 1 to 3.7%.
Symrise, Henkel, Volkswagen, Beiersdorf and Daimler Truck Holding closed notably lower.
In the French market, BNP Paribas jumped almost 5%. LVMH, Legrand, Societe Generale, Thales, Airbus, Credit Agricole and EssilorLuxottica added 0.8 to 1.5%.
Stellantis, STMicroElectronics, Michelin, Renault, Publicis Groupe and Edenred closed notably lower.
Data from Destatis showed Germany’s producer prices dropped in October, declining for an eighth successive month. Producer prices dropped 1.8% year-on-year in October, slightly faster than the 1.7% decline in September. The drop was less severe than economists’ forecast of 1.9%.
On a monthly basis, producer prices rose 0.1%, while expectations were for a nil growth.
A report from Eurostat showed Eurozone construction output dropped for the second consecutive month in September, falling by 05%, following a 0.2% drop in August. On a yearly basis, construction output declined 0.3%, in contrast to the 1% rise in August.