For the sixth consecutive session, European stock markets continue to post gains – albeit modestly – maintaining positive momentum against concerns about the risk of recession in the Eurozone due to global tight monetary policy aimed at taming inflation.
Investors are encouraged from Wall’s pacewhich in yesterday’s session saw the Dow Jones and S&P 500 close at more than three-month highs, with the industrial index climbing above 34,000 points, drawing momentum from the rally of the two retail giants, Walmart and Home Depot.
Meanwhile, markets weighed inflation data released in the UK which showed the consumer price index rose more than expected last month at its highest level in 40 yearsincreasing pressure on consumers and increasing pressure for action from the government and the Bank of England.
In particular, the CPI increased by 10.1% in July compared to last year, after a 9.4% increase in the previous month, as announced by the country’s National Statistics Service. Economists were expecting a rate of 9.8%.
In the field of results, Uniper recorded net losses of more than 12 billion euros in the first half of 2022with the now German state-supported utility providing a typical example of the depth the energy crisis has taken in Europe.
In this climate, the pan-European index Stoxx 600 added 0.2% to 443 points, with the banking sector leading gains up 0.7%, while basic resources fell 0.3%.
In the individual boards, the German DAX remains almost unchanged with marginal fluctuations at 13,900 points, as does the French CAC 40 at 6,590 units, while the British FTSE 100 adds 0.1%.
In the periphery, the Italian FTSE MIB and the Spanish is strengthened by 0.45% to 23,100 units IBEX 35 gains 0.2% to 8,530 units.
In the individual shares Tecan Group rallies 12% to top the Stoxx 600 after the Swiss lab instruments company beat expectations for first-half earnings and upgraded its full-year sales outlook.
In contrast, Uniper plunged 7% after announcing its disappointing results.
Source: Capital
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