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European stocks mixed, dax outperforms on siemens results

written by Bella Palmer

The DAX index in Germany traded 0.4% higher, while CAC 40 in France fell 0.1% and the FTSE 100 in the U.K. dropped 0.4%

European stock markets traded in a mixed fashion Thursday, with strong results from Siemens helping Germany outperform ahead of the latest U.K. fiscal statement and the release of key Eurozone inflation data.

At 09:10 GMT, the DAX index in Germany traded 0.4% higher, while CAC 40 in France fell 0.1% and the FTSE 100 in the U.K. dropped 0.4%.

Elsewhere, attention is likely to be on the U.K. Chancellor's Autumn Statement later in the session, with hefty tax hikes and spending cuts on the menu as the government tries to plug a substantial fiscal ‘black hole’, only made worse by Downing Street's last effort at a mini-budget. 

The highlight of Thursday’s European data slate is the latest release of the CPI figure for the Eurozone for October, which is expected to be confirmed at an annual rise of 10.7%, up 1.5% on the month.   

In the corporate sector, Siemens stock soared 8%, climbing to an eight-month high, after the German engineering giant posted a better-than-expected fourth-quarter profit at its industrial business, offering up a dividend increase and a strikingly upbeat outlook for the next 12 months.

Thyssenkrupp stock rose 0.9% after the engineering company proposed a dividend for the past financial year, its first payout in four years, on the back of strong price increases for steel and materials.

Burberry traded largely flat after the British fashion house outlined a new design strategy in a long-term bid to boost sales.

Oil prices fell Thursday as geopolitical concerns eased after NATO officials cleared Russia from blame for the missile attack on Poland, easing fears of the war between Russian and Ukraine broadening.


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