European stocks traded mixed on Wednesday, as investors assessed the outlook for Federal Reserve monetary tightening amid signs of softer U.S. growth.
Meanwhile, there were fears that the move by the U.S. Treasury Department to cut off Russia’s ability to make payments on its dollar-denominated sovereign debt could push Russia closer to default.
The downside, if any, remained capped after a measure of German consumer sentiment edged up from an all-time low in May.
Market research group GfK said its forward-looking consumer sentiment index rose to -26.0 in June from a revised -26.6 in May. The latest survey was conducted from May 5 to 16.
Investors awaited the release of minutes from the Federal Reserve’s most recent policy meeting for more clues about the pace of tightening.
The pan European Stoxx 600 inched up 0.2 percent to 432.35 after declining 1.1 percent on Tuesday.
The German DAX and France’s CAC 40 were marginally lower, giving up early gains while the U.K.’s FTSE 100 was up half a percent, led by gains in the mining sector.
Stellantis declined 1.2 percent. The Dutch carmaker and Samsung SDI have agreed to invest more than $2.5 billion in a joint venture to establish an electric-vehicle battery manufacturing facility in Kokomo, Indiana.
German property specialist Aareal Bank AG slipped half a percent after announcing the successful public takeover offer by Atlantic BidCo GmbH.
TotalEnergies added nearly 2 percent after Global Infrastructure Partners formed a strategic partnership with the French oil and gas company to work in the U.S. renewable energy sector.
The FUCHS Group advanced 1.3 percent after an announcement that it has taken over 28 percent of the shares in E-Lyte Innovations GmbH.
Nordex slumped almost 20 percent after the wind turbine manufacturer revised down its outlook for this year, due in part to restructuring costs and the war in Ukraine.
Miners Anglo American and Glencore both rose around 2 percent after China’s central bank and banking regulator urged lenders to boost loans in the latest effort to shore up the battered economy.
Commodities firm Glencore said today it has reached deals with authorities in the U.S., Britain and Brazil to resolve corruption allegations in return for penalties.
Power company SSE soared 5 percent after reporting a sharp rise in annual profit.
Supermarket technology group Ocado lost 4 percent after it cut the sales growth target for its joint venture with Marks & Spencer Group.
Business News
European Shares Mixed Ahead Of Fed Minutes
2022-05-25 09:50:24
