European Markets Mostly Higher As Commodity Stocks Surge On China Optimism

RTTNews | 574 days ago
European Markets Mostly Higher As Commodity Stocks Surge On China Optimism

(RTTNews) - European markets were mostly higher on Friday despite the more cautious stances from the European Central Bank and the Bank of England.

ECB policymaker Francois Villeroy de Galhau told Boursorama television today that the next move should be lowering rates from record highs.

Commodity-related stocks surged after mixed economic data and positive signals from policymakers in China.

In economic releases, a survey showed the down in Eurozone business activity deepened in December.

The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global dropped to 47 from 47.6 in November.

Elsewhere, France's consumer price inflation slowed in November but exceeded the initial estimate, final data released by the statistical office INSEE showed.

Consumer price inflation eased to 3.5 percent in November from 4.0 percent in October. The initially estimated rate was 3.4 percent.

The latest inflation figure was the weakest since January 2022.

The pan European STOXX 600 was up 0.3 percent at 478.01 after rising 0.9 percent to close at a 22-month high on Thursday.

The German DAX climbed 0.6 percent and France's CAC 40 rose 0.3 percent while the U.K.'s FTSE 100 was marginally lower.

Symrise plunged nearly 9 percent after the German fragrance and flavour maker revised down its adjusted EBITDA margin target for the year.

Munich Re shares rose 1.4 percent. The reinsurance provider announced guidance for 2024, where it expects net profit of 5 billion euros, citing stable operational activities in all business segments.

Clothing major H&M Group gained 1 percent after reporting a rise in its preliminary net sales for the full year.

Swedish technology firm Sectra jumped over 15 percent after reporting better-than-expected second-quarter results.

Italian spirits group Campari lost 3 percent after it agreed to buy historic French cognac house Courvoisier from Beam Suntory for an initial price of $1.20 billion (€1.11 billion).

Telecom Italia SpA advanced 1.6 percent after extending a deadline for KKR's final offer for its submarine cable unit Sparkle.

Miners Anglo American, Antofagasta and Glencore all rose about 3 percent on news of relaxation of home purchase restrictions in Beijing and Shanghai.

Oil & gas giant BP Plc rose 0.8 percent and rival Shell added 0.9 percent as oil extended gains for a third consecutive session and remained on track to snap a seven-week losing streak.

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