December 9, 2022

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European Shares Gain Ahead Of ECB Minutes

2 min read

European stocks advanced on Thursday as relatively dovish signals from the Federal Reserve helped traders look past concerns over China, with the daily COVID cases hitting a record high since the pandemic began.

According to the FOMC meeting minutes, a majority of policymakers found that a slower pace of interest rate hikes would “likely soon be appropriate.”

“A slower pace in these circumstances would better allow the committee to assess progress toward its goals of maximum employment and price stability.”

The ECB minutes of the October meeting will be released later in the day.

The pan European STOXX 600 edged up 0.3 percent to 440.16 after rising 0.6 percent on Wednesday. Trading volumes were thin amid a U.S. market holiday for Thanksgiving.

The German DAX climbed 0.8 percent, France’s CAC 40 index added 0.6 percent and the U.K.’s FTSE 100 was up 0.1 percent.

Nordex gained 1 percent after the German company secured a 42MW turbine order from VSB Group for a wind farm project in Poland.

Remy Cointreau shares fell 1.2 percent in Paris. The maker of Remy Martin cognac said the second half would reflect a return to normal consumption trends after two years of truly exceptional growth.

Renault Group rose 1.5 percent. The automaker announced an acceleration of the decarbonization plan for its industrial sites with three strategic partnerships.

The Group entered partnerships with new partners: Voltalia, ENGIE, and Dalkia.

Dr Martens slumped over 18 percent in London after warning on margins.

BP Plc and Shell were moving lower as oil prices dropped on easing fears of a supply disruption.

Media reports suggest that the Group of Seven nations are seeking a price cap on Russian oil in the range of $65-70 a barrel, well above the former Soviet Union’s cost of production.

Home improvement retailer Kingfisher fell nearly 2 percent after cutting its annual profit guidance.

Miner Anglo American rose about 1 percent after signing a pact with Aurubis to develop a copper product offering to…

2022-11-24 04:48:35

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