European Stocks Closed On Mixed Note After Choppy Ride

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European Stocks Closed On Mixed Note After Choppy Ride

(RTTNews) - European stocks closed on a mixed note on Tuesday after swinging between gains and losses in cautious trade as investors reacted to Covid-related news from China and the latest batch of European economic data, and looked ahead to some crucial data, including the monthly jobs report, from the U.S., due later in the week.

Mainland China reported the first decrease in new Covid infections in more than a week on Monday, generating some positive sentiment.

Chinese health officials also released a plan to boost vaccinations for elderly people and said they are "closely watching" the virus as it evolves and mutates.

The officials defended China's zero-Covid policy at a press briefing on Tuesday but said lockdowns would be lifted "as quickly as possible."

The pan European Stoxx 600 ended down 0.13%. The U.K.'s FTSE 100 climbed 0.51%, France's CAC 40 edged up 0.06% and Germany's DAX dropped 0.19%, while Switzerland's SMI ended lower by 0.76%.

Among other markets in Europe, Austria, Denmark, Finland, Greece, Norway, Poland, Portugal, Russia and Turkiye closed higher.

Belgium, Czech Republic, Iceland, Ireland, Netherlands and Sweden ended weak, while Spain settled flat.

In the UK market, Standard Chartered is gaining more than 5%, HSBC Holdings is climbing nearly 4.5% and Prudential is up almost 4%.

Rio Tinto, Anglo American Plc, Airtel Africa, Antofagasta, Glencore, Natwest Group, Barclays, BP, Shell, GSK and DCC are up 1.5 to 3.75%.

Halma ended more than 6% down. Sage Group drifted down 3.7%. Croda International, Ocado Group, Rentokil Initial, Experian, Intertek Group, Dechra Pharmaceuticals, Severn Trent and Relx lost 2 to 2.8%.

In Paris, ArcelorMittal and TotalEnergies surged 3% and 2.65%, respectively. Kering, Airbus Group, BNP Paribas, Stellantis and Renault gained 1 to 1.5%.

Capgemini and Worldline both ended nearly 3% down. Dassault Systemes, Eurofins Scientific, STMicroElectronics, Schneider Electric, Air Liquide, L'Oreal, Michelin, Veolia and Vivendi lost 1 to 2.2%.

In the German market, Zalando rallied nearly 4%. Covestro gained about 3.5%, while Munich RE, Fresenius, Volkswagen, Daimler, BMW and Continental gained 1.3 to 2%.

HelloFresh ended lower by about 4.2%. Sartorius, Linde, Symrise, Merck and Brenntag shed 2 to 2.8%. Brenntag confirmed a Bloomberg News report that it's mulling the acquisition of U.S. distributor Univar Solutions In.

In economic news, Germany's consumer price inflation slowed in November amid a sharp easing in energy price growth, which still remains strong, while economists cautioned that it is too early to say inflation has embarked on a downward trend in the biggest euro area economy.

The consumer price index, or CPI, rose 10.0 percent year-on-year following a 10.4 percent increase in October, preliminary data from the statistical office Destatis in Wiesbaden showed. Economists had expected the inflation rate to remain steady.

Survey results published by the European Commission revealed that Eurozone economic confidence improved for the first time in nine months in November driven by the rebound in consumer sentiment.

The economic sentiment index rose more-than-expected to 93.7 in November from 92.7 in October. The expected score was 93.5.

The industrial confidence index unexpectedly fell to -2.0 from -1.2 in the previous month. The reading was weaker than the expected -0.5 and hit the lowest since January 2021.

Meanwhile, services sentiment halted its persistent decline since March. The corresponding index advanced to 2.3 from 2.1 a month ago and was also above economists' forecast of 2.0.

Switzerland's economy expanded at a slower-than-expected pace in the third quarter as high inflation weighed on consumer spending, official data showed Tuesday.

The economy registered a sequential growth of 0.2% in the three months to September, following the second quarter's downwardly revised 0.1% rise, the State Secretariat for Economic Affairs, or SECO, in Bern reported.

Economists had forecast the gross domestic product to grow 0.3%, the same as the second quarter's initially estimated expansion.

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