{"id":16135,"date":"2021-11-16T17:29:47","date_gmt":"2021-11-16T17:29:47","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/11\/16\/major-european-markets-close-modestly-higher-2\/"},"modified":"2021-11-16T17:29:47","modified_gmt":"2021-11-16T17:29:47","slug":"major-european-markets-close-modestly-higher-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/11\/16\/major-european-markets-close-modestly-higher-2\/","title":{"rendered":"Major European Markets Close Modestly Higher"},"content":{"rendered":"
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European stocks closed higher on Tuesday with investors continuing to digest quarterly earnings updates and reacting to the latest batch of economic data from the U.S. and Europe.<\/p>\n

Concerns about escalating tensions over Russia’s alleged build-up of troops at the Ukrainian border weighed on sentiment and limited markets<\/span>‘ uptick. NATO has reportedly warned that it would be prepared to defend the sovereignty of Ukraine.<\/p>\n

Traders also noted a key virtual summit between U.S. President Joe Biden and Chinese leader Xi Jinping that saw both sides signaling a stabilization in the fraught relationship. However, there was no breakthrough on issues concerning both nations.<\/p>\n

The pan European Stoxx 600 moved up 0.17%. Germany’s DAX climbed 0.61% and France’s CAC 40 advanced 0.34%, while the U.K.’s FTSE 100 ended 0.34% down. Switzerland’s SMI gained 0.32%.<\/p>\n

Among other markets in Europe, Austria, Czech Republic, Finland, Netherlands, Norway, Poland and Sweden ended higher.<\/p>\n

Denmark, Greece, Iceland, Portugal, Russia, Spain and Turkey closed weak, while Belgium and Ireland settled flat.<\/p>\n

The euro was huddled at a 16-month low after European Central Bank President Christine Lagarde doubled down on her assessment that euro-area inflation will ease and conditions for a rate hike in 2022 are “very unlikely” to be met.<\/p>\n

The British pound rose against its major counterparts as the nation’s employment rose in the third quarter, easing worries about the labor market and fueling hopes for a rate hike by the Bank of England in December.<\/p>\n

In the UK market, Vodafone Group shares climbed nearly 5% after the telecom giant raised its forecast for this year’s free cash flow after reporting strong half-yearly performance.<\/p>\n

Land Securities gained 3.7% after reporting a swing to half-year profit. British Land, Aveva Group and Intertek Group gained 2.8 to 3.7%.
Diageo gained 2.2%. The beverage company said that it expects to grow its organic operating profit by 6-9 percent for fiscal 2023 to fiscal 2025.<\/p>\n

Natwest Group, Royal Dutch Shell, ICP, Phoenix Group Holdings, Diageo, BT and Scottish Mortgage gained 1 to 1.8%.<\/p>\n

Darktrace and AstraZeneca both ended lower by more than 4%. Sage Group and Associated British Foods both shed about 2.7%. GlaxoSmithKline, Tesco, Flutter Entertainment, Imperial Brands, Smiths Group, Severn Trent, IAG, United Utilities and Antofagasta also ended sharply lower.<\/p>\n

Premier Foods slumped more than 4% after the food manufacturer reported a fall in pretax profit in the first half of fiscal 2022.<\/p>\n

In the French market, Kering, Technip and Faurecia gained 4 to 5%. Valeo climbed nearly 4%, Unibail Rodamco and WorldLine both gained about 2.5%, while Renault, Michelin and LVMH moved up 1 to 1.6%.<\/p>\n

Bouygues ended lower by 1.25% after the company reiterated its outlook after reporting a surge in its nine-month net profit.<\/p>\n

Vivendi, Carrefour, Danone and Atos also ended notably lower.<\/p>\n

In Germany, Qiagen gained nearly 5%. Continental, Siemens, Puma, Adidas and Henkel moved up 1.4 to 2.3%. Nordex Group shares gained about 4% after the company said it has received an order from Enerjisa \u00dcretim -independent power plant operator in Turkey – to supply and install twelve N163\/5.X turbines for the 68.4 MW Erciyes wind farm.<\/p>\n

Dutch tech investor Prosus NV climbed 4.2% after it forecast higher profit for the first half of 2022.<\/p>\n

In economic news, the UK unemployment rate declined in the third quarter, decreasing 0.5 percentage points on the quarter to 4.3%, the Office for National Statistics said on Tuesday. The expected rate was 4.4%.<\/p>\n

At the same time, the employment rate increased 0.4 percentage points to 75.4%.<\/p>\n

The euro area economy<\/span> expanded at a slightly faster pace in the third quarter, as previously estimated, flash estimate from Eurostat showed.<\/p>\n

Gross domestic product grew 2.2% from the prior quarter, when it was up 2.1%. The rate came in line with the estimate released on October 29.<\/p>\n

On a yearly basis, economic growth slowed to 3.7% from 14.2% in the preceding period. The annual rate also matched the initial estimate.<\/p>\n

The EU27 GDP advanced 2.1% on quarter, taking the annual growth to 3.9% in the third quarter.<\/p>\n

Further, data showed that the number of employed persons in euro area rose 0.9% sequentially, faster than the 0.7% rise posted in the second quarter. Likewise, the annual growth improved to 2% from 1.9%.<\/p>\n

France consumer price inflation accelerated as estimated in October, final data from the statistical office Insee revealed on Tuesday.<\/p>\n

Consumer price inflation advanced to 2.6% in October from 2.2% in September. The rate matched the preliminary estimate published on October 29.<\/p>\n

The increase in inflation resulted from the acceleration in energy prices to 20.2% from 14.9% and service prices growth to 1.8% from 1.4%. <\/p>\n

Core inflation rose 1.4% from 1.3% in September, final data showed.<\/p>\n

On a monthly basis, the consumer price index rose 0.4%, as estimated, reversing a 0.2% fall in September. <\/p>\n<\/p>\n

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