European Shares Broadly Higher Ahead Of Fed Minutes

marketopen 011519 24nov21 lt

European stocks were broadly higher on Wednesday after four days of losses.

The upside remained capped by fears around Europe's worsening Covid-19 situation and the prospects of higher interest rates.

Also, investors awaited a wave of U.S economic data as well as the minutes from the Federal Reserve's recent meeting due later in the day for more insight on price pressures and the economic recovery.

The pan European Stoxx 600 was up 0.3 percent at 480.74 after losing 1.3 percent on Tuesday.

The German DAX slipped 0.1 percent after a measure of German business sentiment worsened again in November.

The ifo business-climate index fell to 96.5 in November from 97.7 in October - marking the fifth consecutive decrease of the indicator after it peaked at 101.8 in June.

France's CAC 40 index and the U.K.'s FTSE 100 were up 0.2 percent and 0.3 percent, respectively.

In corporate news, Italian utility Enel climbed 1.9 percent after announcing plans to step up investment in renewable energy and infrastructure in the coming years.

Telecom Italia soared 9 percent after reports that U.S. private equity giant KKR is considering boosting its offer for the company. Telecom Italia's top investor Vivendi advanced 1.6 percent.

Oil & gas company BP Plc climbed 1.4 percent, TotalEnergies gained 1 percent and Royal Dutch Shell added 0.7 percent as oil extended overnight gains amid skepticism about the effectiveness of a U.S.-led release of oil from strategic reserves.

Miners Anglo American, Antofagasta and Glencore rose between half a percent and 1 percent, tracking higher copper prices due to easing concerns over Chinese demand.

Johnson Matthey tumbled 3 percent. The chemicals company has warned that exiting its electric battery business will cost shareholders £314 million.

Elior Group shares rose about 1 percent. The French catering company announced new growth and profit targets for its next fiscal year after posting its best quarter since the pandemic began.

Drägerwerk AG & Co. KGaA slumped 13 percent after saying it expects a decline in net sales and earnings for the coming fiscal year.

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