European Shares Extend Gains For Third Day

European stocks rose for a third day running on Wednesday, even as U.K. markets underperformed amid a decline in commodity-related stocks.

A measure of French inflation unexpectedly slowed in December and the euro area’s final composite PMI saw a slight upward revision versus the preliminary estimate, helping underpin regional sentiment.

Elsewhere, German import price inflation weakened more than expected to the lowest in nearly one-and-a half years in November, Destatis said.

Traders now await the release of the minutes from the Fed’s Dec. 13-14 policy meeting later in the day as well as other key economic data expected to offer additional clues about the economic and interest-rate outlook.

The pan European STOXX Europe 600 rose 0.8 percent to 437.70 after rallying 1.2 percent in the previous session.

The German DAX and France’s CAC 40 index both jumped around 1.3 percent, while the U.K.’s FTSE 100 was little changed with a positive bias.

Dutch carmaker Stellantis NV rose half percent. The company today announced the launch of Chrysler brand’s Chrysler Synthesis Cockpit demonstrator to offer a mobility experience that is more user-friendly, more connected and more efficient.

Swiss power supplier BKW surged 4.2 percent after saying it expects “outstanding” result for full-year 2022.

Oil & gas firm BP Plc lost 3 percent and Shell declined 2.7 percent in London, as oil prices fell nearly 2 percent in European trade, after having fallen more than 4 percent in the U.S. trading session amid a deteriorating fuel demand outlook in China.

Miners Anglo American and Antofagasta both fell around 1 percent while commodity trading and mining firm Glencore lost nearly 5 percent.

Banks HSBC Holdings and Barclays rose around 1 percent each on expectations that they would benefit from higher interest rates.

Sanofi shares gained 0.6 percent in Paris. The healthcare firm said it expects a boost from foreign exchange movements and flu vaccine sales in its fourth-quarterly results, due to be published next month.

Source: Read Full Article