European Shares Struggle For Direction After Recent Gains

european market 021219 18jan23 lt

European stocks were little changed in cautious trade Wednesday after five consecutive sessions of gains.

As recession worries mount, investors awaited more U.S. economic data and earnings this week for directional cues.

In economic releases, data showed consumer prices in the country rose at the slowest pace in three months in December, largely driven by the easing of motor fuel inflation.

Consumer price inflation slowed to 10.5 percent in December, as expected, from 10.7 percent in November.

On a monthly basis, consumer prices gained 0.4 percent, the same pace of growth as seen in November, and in line with expectations.

The pan European STOXX 600 was marginally higher at 456.69 after gaining 0.4 percent on Tuesday.

The U.K.'s FTSE 100 and France's CAC 40 both edged up around 0.1 percent, while the German DAX was marginally lower.

Automakers traded mostly higher after industry data showed European passenger car registrations climbed for the fifth month in a row in December, but at a slower pace than in November.

New car sales in the European Union rose 12.8 percent year-on-year following a 16.3 percent growth in November.

Continental AG tumbled 3 percent. The German car parts manufacturer cut its adjusted free cash flow expectations for 2022, citing further customer payment delays.

Dutch semiconductor supplier ASM International NV soared 8.2 percent after its fourth-quarter revenue came in ahead of its guidance.

Just Eat Takeaway.com NV, Europe's largest meals delivery company, jumped more than 14 percent as it reported better-than-anticipated second-half income and outlined upbeat 2023 guidance.

Swiss luxury goods group Richemont AG rose over 2 percent after reporting higher quarterly sales, driven by growth across all regions with the exception of Asia Pacific.

British education group Pearson gained about 1 percent after posting 2022 results ahead of expectations.

Luxury brand Burberry added 1.3 percent after reiterating its medium-term outlook.

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