European Shares Subdued On Inflation Woes

RTTNews | 34 days ago

(RTTNews) - European stocks were slightly lower on Wednesday as investors digested mixed earnings results and braced for the upcoming U.K. autumn budget.

The dollar was on the rise again and U.S. Treasury yields hovered near three-month highs as traders pondered the prospect of a Donald Trump presidency.

It is feared that Trump policies including tariffs and restrictions on undocumented immigration could increase inflation and keep interest rates relatively high for a longer-than-anticipated period.

The pan-European STOXX 600 was down 0.1 percent at 519.68 after falling 0.2 percent on Tuesday.

The German DAX was marginally lower, France's CAC 40 slipped 0.3 percent and the U.K.'s FTSE 100 was down 0.2 percent.

British lender Lloyds rose about 1 percent after Q3 profit beat expectations.

Reckitt Benckiser rallied nearly 3 percent as the consumer goods company reported a smaller than expected fall in third-quarter underlying sales.

Barratt Redrow jumped 3 percent. The homebuilder said it is encouraged by solid trading in recent weeks amid more stable market conditions.

Precious metals miner Fresnillo rose 1.2 percent after a solid third-quarter output performance.

Advertising group WPP gained 3.3 percent as it reported a better-than-expected 0.5 percent rise in like-for-like organic revenue in the third quarter.

L'Oreal tumbled 3.4 percent after the French cosmetics giant reported a rise in third quarter sales that missed expectations due to low consumer confidence in China.

Thales gave up 1.7 percent despite reporting higher sales and orders in the first nine months of the year.

Air Liquide dropped 1.4 percent. The industrial gases supplier delivered third-quarter revenue in line with market expectations.

Ipsen declined 1 percent. The global specialty-care biopharmaceutical company reported strong sales momentum in the first nine months of 2024.

Deutsche Bank fell 3.2 percent after the German lender returned to profit in the third quarter but flagged credit risks.

Atoss Software rose 1.2 percent after reporting higher Q3 profit and lifting its FY24 margin view.

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EURUSD	1.04678	GBPUSD	1.2539	AUDUSD	0.64538
USDJPY	153.219	USDCAD	1.40721	USDCHF	0.88787