European stocks were mostly higher on Tuesday as investors shrugged off weak regional data and looked ahead to U.S. inflation numbers on Wednesday for further indications of when the world’s largest economy may start to withdraw stimulus.
Economic expectations declined in Germany for a third consecutive month, due to a more challenging environment for the German economy, the ZEW economic research institute said. The headline numbers for August dropped more than expected to 40.4 from 63.3 in July.
Elsewhere, total U.K. retail sales grew 6.4 percent on a yearly basis in July while like-for-like sales were up 4.7 percent, the British Retail Consortium said.
The lifting of restrictions did not bring the anticipated in-store boost, with the wet weather leaving consumers reluctant to visit shopping destinations, Helen Dickinson, chief executive at BRC, said.
The pan European Stoxx 600 inched up 0.2 percent to 471.62 after closing 0.2 percent higher on Monday. The German DAX and France’s CAC 40 index were marginally higher, while the U.K.’s FTSE 100 was down 0.2 percent.
British investment manager M&G fell about 2 percent after it swung to an IFRS loss after tax of £248m for the six months ended 30 June.
Travel and leisure stocks were losing ground as many countries see an increase in COVID-19 cases. International Consolidated Airlines Group shed half a percent, EasyJet gave up 0.9 percent and TUI AG fell over 1 percent.
Derwent London rose more than 2 percent. The company said that it has bought two properties in London’s West End for 214.6 million pounds ($297.1 million) and entered into a joint venture with Lazari Investments to buy three London properties.
Workspace provider IWG jumped 2.7 percent. After posting a bigger half-year loss, the company said it was cautiously optimistic about the rest of the fiscal year.
Flutter Entertainment soared 8.5 percent after the gambling firm beat profit estimates.
Aurubis fell about 1 percent. The largest copper producer in Europe said it plans to sell the FRP plant in Zutphen (Netherlands) as well as the slitting centers in Birmingham (United Kingdom), Dolný Kubín (Slovakia), and Mortara (Italy) with a total of about 360 employees. The buyer, INTEK, is a holding that includes the KME Group.
Munich Re advanced 1.7 percent after the German reinsurance group raised its gross premium forecasts for the full year.
HelloFresh shares soared 7.4 percent. The meal-kit firm, which delivers pre-portioned meal ingredients with recipes to subscribers, said orders increased by 71.2 percent to 30.98 million in the second quarter, compared to 2020.
Market Analysis
European Shares Mostly Higher Despite Weak Data
2021-08-10 09:56:24
