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Increased November PMI Figures Lift European Stocks at Wednesday Closing

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Last updated: 11/23/2022 12:01:44

12:01 PM EST, 11/23/2022 (MT Newswires) -- Increased November purchasing managers' index figures gave European stocks a lift at the closing of Wednesday trading, though the Organisation for Economic Cooperation and Development warned that the region remains vulnerable to a looming global economic slowdown.

The pan-continental Stoxx Europe 600 Index was 0.65% higher. Germany's DAX was up 0.05%, while France's gained 0.32%. The FTSE 100 in London climbed 0.19% and the Swiss Market Index increased by 0.15%.

Britain's flash composite PMI inched up to a two-month high of 48.3 in November from 48.2 in October, signaling a modest fall in private sector business activity, S&P Global data showed. Likewise, the euro area's flash composite PMI rose to a two-month high of 47.8 in November from 47.3 in October.

Germany's flash composite PMI grew to a three-month high of 46.4 in November from 45.1 in October, while France's flash composite PMI fell to a 21-month low of 48.8 in November from 50.2 in October.

Even with the signs of slowing business activity contractions in the region, the Organisation for Economic Cooperation and Development warned that Europe will suffer the most in the expected global economic slowdown brought on by the ongoing energy crisis. According to the OECD, the UK is expected to decline more than its major peers in the region.

In other regional news, the Federal Council of Switzerland said it adopted the eighth package of sanctions adopted by the European Union against Russia. Separately, sources familiar with the matter told Bloomberg News that European Union member states agreed on a 43 billion-euro ($44.43 billion) plan to boost semiconductor production in the bloc.

On the corporate side, Applied Graphene Materials (AGM.L) was down more than 23% after announcing a strategic review to evaluate ways to maximize value for its shareholders amid the currently unfavorable conditions in small-cap equity markets. Credit Suisse Group (CSGN.SW) was over 6% lower as it flagged a Q4 pretax loss of about 1.5 billion francs ($1.58 billion) due to revenue impact from the disposal of noncore businesses and low net interest income and recurring commissions and fees.

Home REIT (HOME.L) shed over 25% in value as it pushed back against a report from a Delaware-based company specialized in short selling, which it said was "inaccurate and misleading." And Zanaga Iron Ore (ZIOC.L) was up more than 20% amid an agreement to acquire Glencore's (GLEN.L) controlling stake in an iron ore project in Congo in exchange for shares.

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