{"id":15552,"date":"2021-10-29T17:09:27","date_gmt":"2021-10-29T17:09:27","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/10\/29\/european-stocks-close-lower-on-inflation-concerns\/"},"modified":"2021-10-29T17:09:27","modified_gmt":"2021-10-29T17:09:27","slug":"european-stocks-close-lower-on-inflation-concerns","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/10\/29\/european-stocks-close-lower-on-inflation-concerns\/","title":{"rendered":"European Stocks Close Lower On Inflation Concerns"},"content":{"rendered":"
<\/div>

\n<\/p>\n

\n

European stocks closed mostly weak on Friday, weighed down by inflation worries and disappointing quarterly earnings results from Apple and Amazon.<\/p>\n

While Amazon badly missed on earnings and revenue, Apple warned supply chain disruption would be an increasing obstacle in the final quarter.<\/p>\n

Investors also digested a slew of earnings updates from European companies.<\/p>\n

The pan European Stoxx 600 edged up 0.07%. The U.K.’s FTSE 100 slid 0.16%, Germany’s DAX edged down 0.05% and Switzerland’s SMI shed 0.37%, while France’s CAC 40 climbed 0.38%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Netherlands, Norway, Portugal, Russia and Sweden closed weak, while Denmark, Iceland, Ireland, Poland and Spain ended higher.<\/p>\n

Tech stocks were under pressure due to the downbeat holiday-quarter forecast from the iPhone maker. Bank stocks gained on higher bond yields.<\/p>\n

In the UK market, Natwest Group declined 4.45% despite reporting much stronger than expected quarterly earnings.<\/p>\n

Smith & Nephew, Polymetal International, Segro, Royal Dutch Shell, Whitbread, British American Tobacco, Antofagasta, BHP Group and Fresnillo lost 1 to 2.7%.<\/p>\n

ITV and Darktrace surged up 3.3% and 3%, respectively. Glencore, Barclays Group, Standard Chartered, Lloyds Banking Group, Pershing Square Holdings, WPP, Kingfisher and IAG gained 1 to 1.7%.<\/p>\n

In the French market, WorldLine declined by about 3.6%. Saint Gobain shed more than 2% despite reporting a rise in nine-month sales. <\/p>\n

Veolia, Atos, Airbus, Pernod Ricard and Legrand ended lower by 1 to 2.2%.<\/p>\n

Essilor gained about 3.5% after raising its full-year guidance. Air France-KLM climbed about 3.2% after the airline group significantly reduced its net loss in the third quarter.<\/p>\n

AXA gained 3.1%. Faurecia, Societe Generale, Safran, Publicis Groupe, ArcelorMittal, Bouygues, Accor and Capgemini gained 1 to 2%.<\/p>\n

In Germany, HelloFresh, Fresenius Medical Care, Siemens Healthineers, Deutsche Wohnen and Vonovia drifted down 3 to 4%. Fresneius, E.ON, RWE, Symrise and Porsche Automobil also declined sharply.<\/p>\n

MTU Aero Engines climbed higher after reporting third-quarter net income of 87 million euros, significantly higher than last year’s 16 million euros. <\/p>\n

Linde, Qiagen, Zalando, Henkel, Infineon Technologies, Munich RE and Deutsche Bank ended with sharp to moderate gains.<\/p>\n

Shares of carmaker Daimler closed on a firm note after the company posted a higher quarterly profit despite a 30% drop in Mercedes-Benz sales due to the chip crisis.<\/p>\n

The euro area economy<\/span> grew at a slightly faster pace in the third quarter, preliminary flash estimate from Eurostat showed. Gross domestic product grew 2.2% sequentially after expanding 2.1% in the second quarter. Economists had forecast the quarterly growth to ease to 2%.<\/p>\n

On a yearly basis, economic growth slowed markedly to 3.7% from 14.2% a quarter ago. Nonetheless, the pace of growth was faster than the economists’ forecast of 3.5%.<\/p>\n

The EU27 logged a sequential growth of 2.1% in the third quarter taking the annual expansion to 3.9%.<\/p>\n

Separately flash data from Eurostat showed that Eurozone inflation accelerated sharply to the highest since 2008 on higher energy prices. The data said inflation rose to 4.1% in October from 3.4% in September. This was also faster than the economists’ forecast of 3.7%. A similar higher rate was last registered in July 2008. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n