European Shares Little Changed In Lackluster Trade
European stocks held steady near record highs on Tuesday as investors awaited U.S inflation data to gauge the Federal Reserve’s next move on rate hikes.
Traders were also reacting to reports that said Brainard, widely viewed as the most dovish member of the Federal Open Market Committee, was interviewed for Fed chair position in White House visit last week.
The pan European Stoxx 600 was marginally higher at 483.86 after ending flat with a positive bias on Monday.
The German DAX inched up 0.1 percent and the U.K.’s FTSE 100 traded flat with a positive bias, while France’s CAC 40 index was marginally lower.
Associated British Foods, which owns the Primark fashion chain, soared 6.4 percent in London after it reported higher profits for the fiscal year September 18 and announced a special dividend.
Banks traded mostly lower, with Lloyds Bank, Barclays and HSBC Holdings all declining around half a percent.
Shares of Rolls-Royce Holdings jumped 5 percent after the luxury car maker announced that funding has been secured for small modular reactors.
Persimmon fell more than 2 percent. The housebuilder said it expects to deliver a 10 percent increase in new home legal completions in 2021.
Carrefour edged up slightly in Paris. The retailer said it now plans to transform into a Digital Retail Company, which places digital and data at the heart of all its operations and its value creation model. The company intends to carry out this profound change by 2026.
Air France KLM shares rose about 1 percent after the United States lifted travel restrictions to several countries.
German agriculture and pharmaceutical firm Bayer rallied 2.2 percent after it swung to a profit for the third quarter.
Reinsurance group Munich Re fell more than 3 percent after it forecast more COVID-19-related losses in its reinsurance business than previously expected.
In economic releases, official data revealed that Germany exports declined unexpectedly in September.
Exports were down by seasonally adjusted 0.7 percent on a monthly basis in September, confounding expectations for an increase of 0.5 percent.
At the same time, imports gained 0.1 percent from August, slower than the economists’ forecast of 0.6 percent.
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