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European shares traded mixed on Wednesday as weak trade data from China overshadowed investor optimism over easing of COVID curbs in the country. <\/p>\n
The dollar climbed in early European trade, as top U.S. banks warned of a recession in 2023 and better-than-expected data from the U.S. services sector rekindled expectations for rapid rate rises from the Federal Reserve.<\/p>\n
Markets eye central bank decisions, with the European Central Bank, the Bank of England and the Federal Reserve all due to hold their monetary policy meetings next week.<\/p>\n
Interest rates will go up again, though they are now “very near” their neutral level, ECB policymaker Constantinos Herodotou said on Tuesday.<\/p>\n
The pan European STOXX 600 slipped 0.1 percent to 438.47 after declining 0.6 percent on Tuesday. <\/p>\n
The German DAX edged up 0.2 percent, France’s CAC 40 was marginally higher and the U.K.’s FTSE 100 rose 0.2 percent. <\/p>\n
Miners Anglo American, Antofagasta and Glencore fell 1-2 percent in London after data showed China’s exports and imports both shrank to their weakest level since mid-2020 in November.<\/p>\n
Energy stocks followed suit, with BP Plc and Shell both falling over 1 percent, after Brent crude futures settled below $80 on Tuesday for the first time since early January.<\/p>\n
GSK soared 10.5 percent and French peer Sanofi SA surged 5.8 percent after a favourable U.S. court ruling involving the heartburn drug Zantac.<\/p>\n
Airbus SE shares declined 1.5 percent in Paris. The aerospace major announced that it is unlikely to meet its 2022 commercial aircraft delivery target.<\/p>\n
MorphoSys AG jumped 2.2 percent after signing a licensing deal with Novartis for a cancer program.<\/p>\n
Kl\u00f6ckner & Co. fell 1.4 percent. The company said it has received the first CO2-minimized stainless-steel coil from Outokumpu.<\/p>\n
In economic releases, official data showed earlier today that German industrial production dropped 0.1 percent on a monthly basis in October, slower than the expected fall of 0.6 percent.<\/p>\n
Nonetheless, the fall was in contrast to the revised 1.1 percent increase seen in September.<\/p>\n
Separately, U.K. housing market continued to slow in November as house prices decreased for a third month in a row and at the steepest rate in over 14 years, survey results from the Lloyds Bank unit Halifax and S&P Global showed.<\/p>\n
The house price index dropped 2.3 percent month-on-month as households reel under the pressures of a cost-of-living crisis and an economic recession. <\/p>\n<\/p>\n<\/div>\n