European Shares Mostly Higher In Cautious Trade

European stocks rose on Monday, even as a cautious undertone prevailed ahead of mid-term elections in the United States and the latest U.S. consumer inflation report due this week.

China reopening hopes faded after the country reiterated its commitment to maintaining strict COVID-related curbs.

The pan European STOXX 600 rose half a percent to 419.11 despite weak trade data from China.

The German DAX climbed 0.9 percent and France’s CAC 40 index added 0.3 percent, while the U.K.’s FTSE 100 was little changed with a negative bias.

Swedish Match gained about 1 percent after Philip Morris International said it was going ahead with its $16 billion plan to buy the Swedish firm.

Ryanair Holdings jumped 3.5 percent after the budget carrier raised its expectations for full-year passenger traffic.

PayPoint slumped 4.7 percent in London after it agreed to buy gifting and engagement firm Appreciate Group for 83 million pounds ($94.4 million) in shares and cash.

GSK fell 2.6 percent. The drug maker said a late-stage study of its blood cancer drug Blenrep failed to meet its main goal.

Q. beyond shares surged 4.2 percent. After posting a consolidated net loss of 2.8 million euros for the third quarter, the cloud and ICT provider said it expects a strong fourth quarter.

Alongside growth in the organic business, revenues will also benefit for the first time from the majority stake recently acquired in productive-data, the company said.

In economic releases, German industrial production grew 0.6 percent month-on-month in September, reversing a revised 1.2 percent fall in August, Destatits reported.

This was also faster than economists’ forecast of +0.2 percent. On a yearly basis, industrial output grew 2.6 percent.

U.K. house prices were down 0.4 percent in October from September, when prices slid 0.1 percent, data published by the Llyods Bank subsidiary Halifax showed.
This was the second consecutive fall and the sharpest since February 2021. The rate came in line with expectations.

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