June 29, 2022

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Major European Markets Close Modestly Higher After Cautious Session

2 min read

Despite lingering concerns about the war in Ukraine and rising inflation, European stocks closed modestly higher on Friday, gaining ground after exhibiting weakness in the previous two sessions.

On the geopolitical front, Ukraine’s President Volodymyr Zelensky warned that Russia is consolidating and preparing “powerful strikes” in the country’s east and south, including besieged Mariupol.

The pan European Stoxx 600 climbed 0.54%. The U.K.’s FTSE 100 advanced 0.3%, Germany’s DAX gained 0.22% and France’s CAC 40 moved up 0.37%, while Switzerland’s SMI edged up 0.14%.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Netherlands, Norway, Poland, Russia, Spain, Sweden and Turkey all closed on firm note.

Ireland and Portugal drifted lower.

In the UK market, Reckitt Benckiser moved up more than 3%. Anglo American Plc, Rio Tinto, Sage Group, Howden Joinery Group, JD Sports Fashion, Unilever and Glencore gained 1.5 to 2.5%.

Electrocomponents, Compass Group, Hargreaves Lansdown, Ferguson, Coca-Cola HBC, Rolls-Royce Holdings, Aviva, Sainsbury (J), Prudential and Hikma Pharmaceuticals declined 1 to 3.3%.

In Germany, HelloFresh rallied more than 3%. Deutsche Bank, Vonovia, Zalando, Bayer, Deutsche Telekom, Allianz and BASF gained 1 to 2.6%.

Deutsche Post declined 2.5%. SAP, MTU Aero Engines, Puma, E.ON, Sartorius and Adidas also ended notably lower.

In the French market, Sanofi, ArcelorMittal, Schneider Electric and Veolia gained 1.3 to 1.7%.

Sodexo plunged 9% after the catering and food services group lowered expectations for full-year organic revenue growth.

STMicroElectronics shed about 2.25%, while Hermes International, Atos, Capgemini, Thales, Carrefour and Dassault Systemes lost 1.25 to 1.6%.

Eurozone inflation accelerated to a record high in March, rising 7.5% from 5.9% a month earlier, flash data from Eurostat showed. The rate was also above the economists’ forecast of 6.6%.

Core inflation that excludes energy, food, alcohol and…

2022-04-01 12:46:33

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