European Shares Lack Direction As Biden Arrives In Israel
European stocks struggled for direction on Wednesday, as fears over an escalation in the Middle East conflict offset improved economic data from China.
As Gaza ground invasion looms, a huge explosion at a Gaza hospital has derailed the diplomatic efforts led by the U.S. to reduce tensions in the region.
On the data front, Eurostat reported that Eurozone inflation rose at a slower pace in September than in August, confirming initial estimates.
Elsewhere, U.K. consumer price inflation remained elevated at 6.7 percent in September, bucking expectations for a further decline.
The pan European STOXX 600 was marginally higher at 449.81 after ending marginally lower on Tuesday.
The German DAX edged up 0.1 percent and France’s CAC 40 rose 0.2 percent while the U.K.’s FTSE 100 was marginally lower.
German sportswear firm Adidas jumped 5 after raising its 2023 revenue guidance.
ABB tumbled 5.4 percent after the Swiss engineering group flagged a slowdown in revenue growth in Q4.
Amsterdam-based Just Eat Takeaway.com soared 7 percent after raising its full-year adjusted EBITDA guidance.
TotalEnergies climbed 1.2 percent and BP Plc rose about 1 percent as oil prices surged nearly 2 percent following Gaza hospital attack.
British housebuilder Barratt Developments fell 2.5 percent after an announcement that it sees a 10 percent drop in reservation rates in Q1.
Concrete-products company Marshalls jumped 6.7 percent after maintaining its full-year expectations.
China-exposed luxury firms such as Richemont, LVMH, Kering and Hermes International all rose about 1 percent after a slew of China data came in above forecasts.
Data showed China’s GDP grew at a 4.9 percent annual pace in July-September, down from 6.3 percent in the previous quarter but above forecasts for a 4.4 percent increase.
Retail sales and industrial output figures for September also surprised on the upside, helping ease investor anxiety over the attainability of the official GDP target this year.
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