The major European markets closed higher on Thursday, as data showing a drop in eurozone inflation lifted investor sentiment and helped trim early losses.
Data showed eurozone inflation eased slightly to 8.5% in February, the slowest since May 2022, and down from 8.6% in the previous month.
Meanwhile, core inflation that excludes energy, food, alcohol and tobacco, accelerated to 5.6% from 5.3%. Core inflation was expected to remain unchanged at 5.3%.
Meanwhile, ECB President Christine Lagarde said that rates will have to rise higher and stay higher for some time to combat inflation.
The pan European Stoxx 600 climbed 0.51%. The U.K.’s FTSE 100 gained 0.37%, Germany’s DAX advanced 0.15%, and France’s CAC surged 0.69%, while Switzerland’s SMI gained nearly 1%.
Among other markets in Europe, Austria, Denmark, Ireland, Netherlands, Norway and Portugal ended higher.
Belgium, Czech Republic, Finland, Greece, Iceland, Poland, Russia and Turkiye closed weak. Spain and Sweden ended flat.
In the UK market, CRH soared more than 8% after reporting a jump in 2022 profit and unveiling share buyback plans.
Croda International gained about 2.25%, while BP, Coca-Cola, BAE Systems, Diageo and Shell gained 1.5 to 2%.
Beazley dropped more than 5%. Haleon, Schrodders, Persimmon, HSBC Holdings and Barratt Developments lost 3 to 4%. Prudential, IAG, Hargreaves Lansdown, Barclays, Fresnillo and Lloyds Banking Group also ended notably lower.
In Paris, Eurofins Scientific surged more than 5.5%. Pernod Ricard, TotalEnergies, Kering, L’Oreal, LVMH, ArcelorMittal, Engie and Hermes International gained 1 to 2.2%.
STMicroElectronics ended more than 3% down. Unibail Rodamco drifted down by about 1%. Credit Agricole, Michelin and Societe Generale posted moderate losses.
In the German market, E.ON, Adidas, Beiersdorf, Merck and Symrise gained 1 to 1.6%.
Covestro tumbled nearly 6%. Deutsche Bank, Zalando, Commerzbank, Infineon Technologies, Siemens Energy and Fresenius lost 0.6 to 1.4%.
Market Analysis
Major European Markets Close On Firm Note
2023-03-02 18:23:22
