European Shares Mixed In Cautious Trade

European Shares Mixed In Cautious Trade

November 15, 2022

European stocks traded mixed on Tuesday as investors looked towards the U.S. midterm elections later in the day.

Analysts expect a Republican victory, which could change the political climate.

Resource stocks led losses amid fading hopes of top consumer China easing its strict zero-COVID policy.

The pan-European STOXX Europe 600 edged up 0.1 percent to 418.79 after rising 0.3 percent to reach its highest level since Sept. 13 on Monday.

The German DAX inched up 0.1 percent, while France’s CAC 40 and the U.K.’s FTSE 100 both slipped around 0.3 percent.

Danish jewelry maker Pandora surged 6 percent after its third-quarter sales topped estimates.

Miners Anglo American, Antofagasta and Glencore fell 1-2 percent after reports of increased coronavirus cases in Guangzhou and other Chinese cities.

Oil & gas firm BP Plc gave up 1.7 percent and Shell declined 1.4 percent.

3i Infrastructure jumped 3.4 percent after reporting improved earnings in the first half of the year.

Associated British Foods soared more than 5 percent. After reporting a jump in annual profits, the Primark owner has announced a £500mln share buy-back program for the current financial year.

Hammerson climbed 9 percent. The British retail property firm said that footfall at its Irish flagships improved to 90pc of 2019 levels in the third quarter of the year.

French luxury giants LVMH and Hermes International were moving lower on China demand concerns.

Carrefour fell 1.2 percent after the retail giant said it would step up its expansion in e-commerce, open more discount stores and cut costs as part of a new strategic plan.

Automaker Renault lost about 3 percent after announcing a sweeping overhaul plan.

German pharmaceutical and life sciences firm Bayer lost 2.2 percent after its earnings narrowly topped estimates.

Schaeffler AG, a maker of rolling element bearings for industries, jumped 9 percent after saying that it is axing 1,300 jobs globally to rein in fixed costs and reduce overcapacity.

Munich Re gained 2 percent after confirming its 2022 profit guidance.

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