European Shares Mostly Higher In Lackluster Trade

stockmarkets jan11 18nov21 lt

European stocks were broadly higher on Thursday, though U.K. markets fell as weakness in oil and metal prices hit commodity-related stocks.

As inflation worries mount, traders awaited U.S. manufacturing data and an update on the number of Americans applying for unemployment benefits later in the day for further clues about economic recovery and the rate outlook.

The pan European Stoxx 600 was marginally higher at 490.25 after closing up 0.1 percent on Wednesday.

The German DAX gained 0.2 percent and France's CAC 40 index added 0.3 percent while the U.K.'s FTSE 100 was down 0.1 percent.

Online gambling software developer Playtech rose more than 4 percent in London after it received a takeover bid from JKO Play Ltd, a firm co-owned by former F1 boss Eddie Jordan.

BP Plc dropped 1.1 percent and Royal Dutch Shell lost 1.5 percent as oil prices hit fresh six-week lows after reports that the U.S. has been reaching out to all major oil consumer nations to release their strategic petroleum reserves to temper rallying crude oil prices.

Anglo American, Antofagasta and Glencore all were down around 1 percent as London copper prices fell to their lowest in more than a month on concerns over rising inventories.

Halma fell 2.2 percent despite the safety equipment provider reporting record first-half results.

Royal Mail jumped 5.4 percent. The postal service and courier company forecast higher annual earnings in its U.K. business following a strong first half.

German auto supplier Continental slumped 4.8 percent after terminating the appointment of Chief Financial Officer Wolfgang Schaefer with immediate effect, following a probe into the illegal use of defeat devices in diesel engines.

ThyssenKrupp surged 4.4 percent. The industrial conglomerate said sales and orders recovered in the fourth quarter on the back of increased steel prices.

For fiscal 2022, the company expects net income of at least 1 billion euros, which would be the highest since fiscal year 2007/2008.

Automakers were broadly higher even as industry data showed European new car registrations fell at a faster double-digit pace in October. BMW rose over 1 percent and Daimler was up 2 percent.

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