{"id":15945,"date":"2021-11-10T17:47:03","date_gmt":"2021-11-10T17:47:03","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/11\/10\/major-european-markets-close-higher-2\/"},"modified":"2021-11-10T17:47:03","modified_gmt":"2021-11-10T17:47:03","slug":"major-european-markets-close-higher-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/11\/10\/major-european-markets-close-higher-2\/","title":{"rendered":"Major European Markets Close Higher"},"content":{"rendered":"
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European stocks closed higher on Wednesday despite spending much of the day’s session in negative territory as investors reacted to a slew of earnings announcements and U.S. inflation data.<\/p>\n

Fears about liquidity woes spreading in China’s property sector weighed on sentiment.<\/p>\n

Data released by the Labor Department showed the consumer price index in the U.S. jumped by 0.9% in October after rising by 0.4% in September. Economists had expected consumer prices to climb by 0.6%.<\/p>\n

The Labor Department also said the annual rate of growth in consumer prices accelerated to 6.2% in October from 5.4% in September, reaching the highest level since November of 1990.<\/p>\n

The acceleration in the rate of consumer price inflation raised concerns about the outlook for interest rates even though the Federal Reserve has signaled it will not be in a hurry to begin raising rates.<\/p>\n

While the major markets<\/span> closed on a positive note, most of the other markets in the region ended weak.<\/p>\n

The pan European Stoxx 600 gained 0.22%. The U.K.’s FTSE 100 climbed 0.91%, Germany’s DAX advanced 0.17% and France’s CAC 40 edged up 0.03%. Switzerland’s SMI surged up 0.27%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Greece, Iceland, Ireland, Poland and Russia ended with sharp to moderate losses.<\/p>\n

Finland and Netherlands declined marginally, while Norway, Portugal, Spain, Sweden and Turkey closed higher.<\/p>\n

In the UK market, ITV shares soared more than 15% after the company said 2021 advertising revenue will hit record levels.<\/p>\n

Shares of retailer Marks & Spencer zoomed more than 17% after the group raised its annual profit outlook for the second time in less than three months.<\/p>\n

Pearson, Fresnillo, Smiths Group, B&M European Value Retail, Next, JD Sports Fashion, Polymetal International, Kingfisher, Aviva, Taylor Wimpey, Associated British Foods, National Grid, Tesco, Berkeley Group Holdings and Hargreaves Lansdown gained 2 to 3.6%.<\/p>\n

Aveva Group declined 3.6%. Darktrace shed about 1.7%, while Intercontinental Hotels and Burberry Group drifted down 1.25% and 1%, respectively.<\/p>\n

In the French market, Carrefour climbed 3.5%. Renault, Orange, Publicis Groupe, Vivendi, Atos, Safran, AXA, Sanofi and Danone gained 1 to 2.3%.<\/p>\n

Credit Agricole shed nearly 2% despite delivering better-than-expected profit on lower pandemic-related provisions for bad loans.<\/p>\n

Kering, STMicroElectronics, Capgemini, Saint Gobain, Dassault Systemes, ArcelorMittal, Bouygues, Essilor and LVMH lost 1 to 2.3%.<\/p>\n

In Germany, Brenntag, RWE, Continental, E.ON, Allianz, Bayer, BMW, Fresenius Medical Care and HeidelbergCement gained 1 to 2.3%.<\/p>\n

Adidas declined more than 3%. After posting third-quarter sales slightly below expectations, the sportswear company pared full-year sales and profit forecasts.<\/p>\n

Sartorius, Zalando, Infineon Technologies, Deutsche Post and Merck lost 1 to 2%.<\/p>\n

LEONI, a cable and harnessing manufacturing firm, slumped 12.5% despite maintaining its full-year guidance.<\/p>\n

In European economic news, Germany consumer price inflation rose at the fastest pace since 1993 on energy prices, final data from Destatis revealed on Wednesday.<\/p>\n

Consumer price inflation advanced to 4.5% in October, as initially estimated, from 4.1% in September. A higher inflation rate of 4.6% was last measured in August 1993.<\/p>\n

On a monthly basis, consumer prices gained 0.5% in October. The rate came in line with the estimate published on October 28.<\/p>\n

The harmonized index of consumer prices grew 4.6% on year, as estimated, after climbing 4.1% in September. <\/p>\n<\/p>\n<\/div>\n