Portfolio

Europe close: Stocks end on a mixed note amid more selling in the euro

By Alexander Bueso

Date: Wednesday 24 Nov 2021

Europe close: Stocks end on a mixed note amid more selling in the euro

(Sharecast News) - European shares finished on a mixed note on Wednesday as weak German business survey data and rising Covid cases in the region hit sentiment.
"Headlines about a lockdown in Germany sent EUR/USD to its lowest level in nearly a year and a half, helping to provide some small measure of support for European equities," observed IG chief market analyst Chris Beauchamp.

"As yet the usual late-November bounce in stocks has yet to really materialise, however."

The pan-European Stoxx 600 edged up 0.09% to trade just above the flatline at 479.69 with the Dax in Frankfurt dipping 0.37% to 15,878.39 but the FTSE Mib in Milan adding 0.63% to 27,109.30.

German business sentiment deteriorated in November amid supply bottlenecks and rising Covid cases, according to a survey released on Wednesday by the Ifo Institute.

The business climate index fell to 96.5 from 97.7 in October, coming in just a touch below expectations for a reading of 96.6.

Germany is also expected to make a decision on stricter measures on Wednesday amid a surge in cases there, and France recorded more than 30,000 new daily infections on Tuesday for the first time since August.

Oil stocks rose 0.7%, with crude prices drifting lower although investors remained sceptical about the effectiveness of a US-led release of oil from strategic reserves. Miners gained, tracking higher copper prices due to easing concerns over Chinese demand.

In other equity news, Telecom Italia jumped almost 16% on news reports that private equity crowd KKR is considering boosting its offer for the company after its top investor Vivendi called the initial bid too low. The shares soared by a third on Monday.

Intertek shares were higher after the product testing company said it was on track for solid annual growth and reported revenue up 6.7% in the most recent four-month period.

Elior Group gave back early gains, the French catering company´s stock had leapt higher at the start of the session after announcing new targets for its next fiscal year and posting its best quarter since the pandemic began.

AutoStore gained after the Norwegian robotics company posted a 95% surge in third-quarter revenue.

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