European Shares Edge Higher Ahead Of Central Bank Meetings

European Shares Edge Higher Ahead Of Central Bank Meetings

December 20, 2021

European stocks edged higher on Monday after China’s top decision makers signaled policies may become more supportive of growth next year.

The upside remained capped as investors awaited a slew of central bank meetings this week for clues to interest rate increases.

The pan European Stoxx 600 climbed 0.7 percent to 478.68 after declining 0.3 percent on Friday.

The German DAX rose over 1 percent, France’s CAC 40 index gained 0.4 percent and the U.K.’s FTSE 100 was up 0.1 percent.

Miners Glencore, Anglo American and Antofagasta were up around 2 percent each after China pledged to continue its prudent monetary policy and proactive fiscal policy, and keep growth within a reasonable range next year.

Oxford Biomedica declined 1.7 percent after striking new license and supply agreements.

Recruiter SThree plunged more than 9 percent after saying that Chief Executive Officer Mark Dorman would be leaving after spending close to three years with the company.

BPO firm Capita plummeted 17 percent after reporting broadly flat revenues for the first eleven months of the year.

Alfa Laval advanced 1.5 percent. The company has signed a global collaboration agreement with Microsoft to develop a suite of innovative digital tools for facilitating service and maintenance of Alfa Laval plate heat exchangers.

Vifor Pharma soared 14 percent after Australian biopharma giant CSL confirmed it was in talks to buy the Swiss drug maker.

UniCredit gained 1.4 percent. The Italian bank said it plans to grow its domestic footprint and could consider tie-ups in Italy and abroad.

In economic releases, German wholesale prices grew the most since 1962 in November driven by higher prices for raw materials and intermediate goods, data released by Destatis showed.

Wholesale prices increased 16.6 percent year-on-year in November, after climbing 15.2 percent in October. This was the fastest inflation since 1962.
On a monthly basis, wholesale price growth eased to 1.3 percent from 1.6 percent in October.

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