European markets closed lower on Thursday amid a cooling of the positive sentiment seen earlier in the week after the release of positive data from the U.S. and China.
EUROPEAN MARKETS
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 7504.25 | 93.28 | 1.26 |
| .GDAXI | DAX | 15919.16 | 132.55 | 0.84 |
| .FCHI | CAC 40 Index | 7233.91 | 65.51 | 0.91 |
| .FTMIB | FTSE MIB | 29498.43 | 240.33 | 0.82 |
| .IBEX | IBEX 35 Idx | 9761.4 | 94 | 0.97 |
The pan-European Stoxx 600 index closed down 0.7%, with the majority of sectors and major bourses ending the session in negative territory. Oil and gas stocks led losses, shedding 2.7% on the back of weaker oil prices, while utilities were a rare outlier adding 1.1%.
A soft U.S. inflation reading on Tuesday boosted hopes that the Federal Reserve is nearing the end of its interest rate-hiking cycle. And there was upbeat economic data from China, which reported better-than-expected retail sales and industrial data for October.
In other news, U.S. President Joe Biden and China’s President Xi Jinping met in person in San Francisco on Wednesday, marking the first meeting of the leaders in about a year. The leaders agreed to resume high-level military communication, according to both countries, but Taiwan remains a sticking point.
At the post-talks presser yesterday, Biden reiterated the U.S. position that Taiwan maintains its sovereignty, despite China’s claims to the contrary. Beijing considers Taiwan part of its territory, with no right to independently conduct diplomatic relations.
Earnings continue to drive individual share price movement in Europe, with Siemens among the big names reporting before the bell on Thursday.
Overnight, Hong Kong stocks led declines in the Asia-Pacific region on Thursday, while U.S. stocks moved lower Thursday as traders took a breather from November’s red-hot rally.
Source: Consumer News Business Channel
