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Rise in Eurozone Consumer Confidence Helps Buoy European Bourses

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Last updated: 11/22/2022 12:18:02

12:18 PM EST, 11/22/2022 (MT Newswires) -- Stocks in Europe mostly closed in the green on Tuesday as the flash indicator of consumer confidence in the Eurozone improved to -23.9 in November from a revised -27.5 in October, surpassing the estimate of -26.

The pan-European Stoxx 600 Index rose 0.73%, the UK's FTSE 100 closed 1.03% higher, Germany's DAX gained 29% and France's CAC-40 climbed 0.35%. The Swiss Market Index was down 0.10%.

Data from Statistics Poland showed that the country's producer price index jumped 22.9% year-over-year in October, compared with 24.6% in the prior month, while average paid employment rose 2.4% on a yearly basis. Industrial production increased by 6.8% year-over-year in October, from 9.8% growth in September and below the expected rise of 7.8%.

Elsewhere, the Eurozone's current account logged an 8 billion-euro ($8.21 billion) deficit in September, down from a deficit of 27 billion euros in August, according to figures from the European Central Bank. The Bank of Italy also reported that the country's current account deficit shrank to 2.02 billion euros ($2.07 billion) in September, from 5.26 billion euros in August.

In corporate news, EQTEC (EQT.L) was up over 21% after saying its waste-to-energy plant project in Italy remained on track for commercial operations to launch in December. BP (BP.L) was climbing past 6% after it awarded SLB (SLB.PA) a large contract for engineering, procurement, construction, and installation for the Cypre gas project offshore Trinidad and Tobago. And Solid State (SOLI.L) advanced by more than 4% after it received a follow-on contract worth 9.8 million pounds ($11.6 million) from the NATO Support and Procurement Agency.

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