European stocks edged higher on Monday after a slew of strong economic data from China helped offset investor concerns around high inflation and interest-rate rises.
The upside remained capped as COVID-19 worries returned to haunt markets.
Austria has finally ruled in favor of a mandatory nationwide lockdown for all those unvaccinated against COVID-19, effective today, amid record-level infection rates.
Elsewhere, Germany’s coronavirus infection rate has risen to its highest level since the start of the pandemic, public health figures showed.
The pan European Stoxx 600 was marginally higher at 487.15 after rising 0.3 percent on Friday.
The German DAX traded flat with a positive bias and France’s CAC 40 index rose 0.3 percent while the U.K.’s FTSE 100 was marginally lower in lackluster trade.
Philips plunged 9 percent. The medical equipment maker, which is recalling ventilators due to use of parts containing a potentially hazardous foam, announced it was in discussions with U.S. regulators following a new inspection of one of its facilities.
Spanish lender BBVA tumbled 3.7 percent as it launched a €2.25bn bid that will give it full ownership of Turkish lender Garanti.
Royal Dutch Shell rallied 2.3 percent after the oil major announced a proposal to simplify its share structure to increase the speed and flexibility of capital and portfolio actions.
Miners were hit after U.N. climate talks ended Saturday with a deal to phase-out fossil fuel subsidies and reduce coal use.
Also, data showed crude steel output in China, the world’s top producer of the metal, fell for the fifth straight month in October amid curbs.
Anglo American, Antofagasta and Glencore all fell over 1 percent.
BT Group gave up early gains to trade on a flat note after reports that telecoms tycoon Patrick Drahi is looking to increase his stake in the British company.
Cineworld, the world’s second-largest cinema chain, jumped almost 13 percent after reporting an improvement in October box office revenue.
Plane maker Airbus jumped 2.6 percent in Paris after it notched a mega-order for 255 narrow-body jets at the Dubai Airshow.
Business News
European Shares Inch Higher In Cautious Trade
2021-11-15 09:49:18
