Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Europe open: Shares up as China eases some Covid curbs

Published 11/11/2022, 08:46
Updated 11/11/2022, 09:11
© Reuters.  Europe open: Shares up as China eases some Covid curbs

© Reuters. Europe open: Shares up as China eases some Covid curbs

Sharecast - The Stoxx 600 index was up 0.43% by 0831 GMT, with all major markets up. China’s Covid easing included shortening quarantines by two days for close contacts of infected people and for inbound travellers and removing a penalty for airlines for bringing in too many cases.

Market sentiment was also lifted by a smaller-than-expected rise in October US inflation increased hopes of less aggressive interest rate hikes from the Federal Reserve.

In economic news, German harmonised inflation for October was confirmed at 11.6% and the UK economy contracted by 0.2% in the third quarter as a long recession loomed.

“With pressures from the cost-of-living crisis, the war in Ukraine and rising interest rates, the UK economy appears to be on track to fall into a recession by the fourth quarter, in what could be the longest period of economic contraction in at least a century,” said Interactive Investor head of investment Victoria Scholar.

In equity news, Swiss luxury group Richemont (LON:0QMU) surged more than 10%after reporting better-than-expected sales and margins.

That news and the potential reopening of China, lifted sector peers LVMH (EPA:LVMH), Kering (LON:0IIH), Pernod Ricard (EPA:PERP) and Hermes International (EPA:HRMS).

Shares in Dutch tank storage company Vopak surged as the company raised its core profit and operating cash return outlook for the full year, citing supportive business conditions and currency gains.

Read more on Sharecast.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.