🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

European stocks edge higher; inflation data, Vodafone in focus

Published 15/11/2022, 09:20
© Reuters
EUR/USD
-
UK100
-
FCHI
-
DE40
-
VOD
-
GC
-
LCO
-
CL
-
VOD
-
APO
-
BAESF
-

By Peter Nurse 

Investing.com - European stock markets edged higher Tuesday, boosted by some positive inflation data, although Vodafone (LON:VOD) slumped on a disappointing update.

At 03:50 ET (08:50 GMT), the DAX index in Germany traded largely flat, while CAC 40 in France rose 0.3% and the FTSE 100 in the U.K. climbed 0.1%.

Global equity markets have been boosted over the last week by hopes that the Federal Reserve will shortly slow its aggressive monetary tightening campaign as U.S. inflation showed signs of slowing.

Back in Europe, there was also positive inflation news Tuesday, with Spanish consumer prices rising 7.3% year-on-year in October, down from 8.9% in the period through September.

French CPI rose 6.2% on the year in October, substantially below the 7.1% expected, even though it still represents a rise from 5.6% the prior month, while unemployment in France eased back to its lowest in 14 years in the third quarter. 

U.K. unemployment rate edged higher to 3.6% in September, while average earnings rose 5.7% on the month, climbing at the fastest pace in more than 20 years.

Also due for release this session are third-quarter unemployment and growth data from the Eurozone as well as the widely-watched forward looking German ZEW economic sentiment release.

Global investors will also be keeping an eye on the G20 Summit in Indonesia, with the apparent easing of tensions in U.S.-China relations helping the tone.

In the corporate sector, Vodafone stock fell 5.6% after the telecommunications company cut its full-year free cash flow forecast and said earnings would come in towards the bottom of its range.

BAE Systems (LON:BAES) stock rose 3.2% after U.K.'s largest defense contractor reported another strong quarter of orders and raised its full-year profit guidance due to sterling's weakness.

Credit Suisse (SIX:CSGN) stock fell 0.5% after the Swiss lender agreed to sell a significant part of its Securitized Products Group and other related financing businesses to Apollo Global Management (NYSE:APO), as it seeks to restructure its business.

Oil prices edged lower Tuesday, continuing the previous session’s selloff as fresh Covid woes in China weighed on the global demand outlook.

The Organization of the Petroleum Exporting Countries cut its 2022 global oil demand growth forecast for a fifth time since April, by 100,000 barrels a day, citing mounting economic challenges.

By 03:55 ET, U.S. crude futures traded 0.7% lower at $85.28 a barrel, while the Brent contract traded 0.4% lower at $92.75. Both benchmarks dropped around 3% on Monday.

Additionally, gold futures rose 0.2% to $1,780.25/oz, while EUR/USD traded 0.8% higher at 1.0409.

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.