{"id":29790,"date":"2023-01-04T18:09:27","date_gmt":"2023-01-04T18:09:27","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/01\/04\/european-stocks-close-on-strong-note-after-inflation-data\/"},"modified":"2023-01-04T18:09:27","modified_gmt":"2023-01-04T18:09:27","slug":"european-stocks-close-on-strong-note-after-inflation-data","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/01\/04\/european-stocks-close-on-strong-note-after-inflation-data\/","title":{"rendered":"European Stocks Close On Strong Note After Inflation Data"},"content":{"rendered":"
<\/div>

\n<\/p>\n

\n

European stocks closed on a buoyant note on Wednesday as easing concerns about inflation triggered hectic buying at several counters from across various sectors.<\/p>\n

A measure of French inflation unexpectedly slowed in December and the euro area’s final composite PMI saw a slight upward revision versus the preliminary estimate, helping underpin regional sentiment.<\/p>\n

Elsewhere, German import price inflation weakened more than expected to the lowest in nearly one-and-a half years in November, Destatis said. <\/p>\n

Investors looked ahead to the minutes from the Federal Reserve’s December 13-14 policy meeting, for clues about the central bank’s interest rate outlook.<\/p>\n

The pan European Stoxx 600 gained 1.38%, The U.K.’s FTSE gained 0.41%. Germany’s DAX surged 2.18% and France’s CAC 40 climbed 2.3%, while Switzerland’s SMI rose 1.47%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Czech Republic, Finland, Netherlands, Poland, Portugal, Spain and Sweden posted sharp to moderate gains.<\/p>\n

Greece and Iceland ended marginally higher, while Denmark, Norway, Russia and Turkiye closed weak.<\/p>\n

In the UK market, Ocado Group soared more than 9%. Fresnillo climbed 7.3%, while Burberry Group, Prudential, BT Group, B&M European Value Retail, Sainsbury (J), DCC, IAG, JD Sports Fashion and Smith (DS) rallied 4 to 5.6%.<\/p>\n

Glencore plunged nearly 7%. BP, Shell, Anglo American Plc, Centrica, SSE and BAE Systems lost 1.4 to 3.7%.<\/p>\n

In the German market, Deutsche Bank, Puma, Adidas, Munich RE, Covestro, Fresenius Medical Care, HelloFresh, Merck, Zalando and BASF gained 3.7 to 5.6%.<\/p>\n

Volkswagen, E.ON, Infineon Technologies, Continental, Siemens, Allianz, Daimler, Sartorius, Fresenius and BMW advanced 2.5 to 3.4%.<\/p>\n

In Paris, Alstom rallied more than 6%. L’Oreal, Renault, Saint Gobain, LVMH, Veolia, Schneider Electric, BNP Paribas, Kering, Hermes International, Societe Generale, Teleperformance, WorldLine, Unibail Rodamco and Orange ended higher by 3 to 5%.<\/p>\n

Total Energies, Engie and Thales shed 1.4 to 2%.<\/p>\n

In economic news, Germany import price inflation weakened more than expected to the lowest in nearly one-and-a half years in November, easing sharply to 14.5% in the month from 23.5% in October, figures from Destatis showed. Prices were forecast to slow moderately to 18%.<\/p>\n

France’s EU harmonized inflation slowed to 6.7% in December from 7.1% in the previous month, provisional data from the statistical office INSEE showed. Inflation was expected to climb to 7.2%.<\/p>\n

Similarly, inflation based on the consumer price index, or CPI, eased to 5.9% in December from 6.2% in the previous month. Prices have increased at the slowest pace in three months, while economists had forecast the inflation rate to advance to 6.4%.<\/p>\n

Euro area private sector activity shrank at the end of 2022, at the least marked pace since July, on the back of a slower fall in order books and a rebound in business<\/span> confidence amid slowing inflation, results of the closely watched purchasing managers’ survey suggested Wednesday.<\/p>\n

The composite output index rose to 49.3 in December from 47.8 in November, data from S&P Global showed.<\/p>\n

Mortgages approved for house purchases decreased more-than-expected to 46,100 from 57,900 in October in the UK, according to a report from the Bank of England. This was the lowest level since June 2020, when approvals totaled 40,500. The expected level was 55,000. <\/p>\n<\/p>\n<\/div>\n