(RTTNews) – European stocks ended on a mixed note on Wednesday, with investors largely taking cautious steps, reacting to news regarding the continued rise in coronavirus cases and new lockdown restrictions, as well as the latest batch of economic data from Europe and the United States
Investors have been following political developments in Germany closely, where the parties have agreed to form a three-way coalition after a series of talks.
Additionally, investors waited for the minutes of the recent Federal Reserve meeting scheduled for later today for more information on price pressures and the economic recovery.
The pan-European Stoxx 600 rose 0.09%. The UK FTSE 100 climbed 0.27%, the German DAX fell 0.37% and the French CAC 40 fell 0.03%. The Swiss SMI rose 0.23%.
Among other European markets, Austria, Belgium, Czech Republic, Netherlands, Portugal, Sweden and Turkey closed higher.
Denmark, Finland, Greece, Iceland, Ireland, Norway, Poland, Russia and Spain finished weak.
In the UK market, Intertek Group shares rose more than 6%. St. James Place, Segro, Taylor Wimpey, Persimmon, British Land Co., Schrodders, Vodafone Group, BP, Royal Dutch Shell, Severn Trent, Rio Tinto, ABRDN and Land Securities Group gained 1-2%.
Shares of chemical company Johnson Matthey fell more than 2%. The company has warned that it will cost shareholders £ 314million to exit its electric battery business.
Aveva Group, Entain, Fresnillo and Flutter Entertainment lose 2-4%.
In France, Dassault Systèmes ended down almost 4%. Faurecia lost 2.7%, while WorldLine, Schneider Electric, ArcelorMittal, Renault, Valeo, Sanofi, Carrefour and Capgemini fell by 1 to 2%.
Vivendi, Teleperformance, Technip, Vinci, Veolia and Airbus increased by 1 to 1.8%.
On the German market, Volkswagen, Daimler, BMW, Bayer, Covestro and Puma lose 2 to 3%. Continental, Porsche Automobil, Siemens Healthineers, BASF, Henkel, Adidas and Fresenius also ended sharply lower.
Drägerwerk AG & Co. KGaA fell more than 14% after saying it expects lower net sales and profits for the coming year.
Vonovia gained more than 6%. Deutsche Wohen gained around 3%, while MTU Aero Engines, Deutsche Bank, Munich RE, E.ON. and Zalando gained 1-2%.
Telecom Italia climbed nearly 16% after reports that US private equity giant KKR is considering boosting its offering for the company.
On the economic news side, the ifo business climate index in Germany fell to 96.5 in November from 97.7 in October, marking the indicator’s fifth consecutive decline after peaking at 101.8 in June.
French business confidence improved in November, defying expectations of weakening, according to preliminary data from the statistical institute INSEE. The composite indicator of business confidence rose to 109 from 107 recorded in each of the previous two months. Economists expected the reading to soften to 106.
UK manufacturers have recorded the strongest growth in orders since records began in 1977 and expect production to accelerate over the next three months, data from the Industrial Trends Survey showed on Thursday. the Confederation of British Industry.
The order book balance rose to 26% in November against 9% in October. This is the highest score since April 1977.
The balance of the export order book stands at + 3% against -7% the previous month. Order books strengthened at the fastest pace since March 2019.
In U.S. economic news, a Department of Labor report showed first jobless claims fell to their lowest level in more than fifty years during the week ended November 20.
The Labor Department said initial jobless claims fell to 199,000, down 71,000 from the revised level of 270,000 the week before. Economists expected jobless claims to drop to 260,000 from 268,000 initially reported for the previous week.
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