Global Market News

Eurozone Consumer Confidence Nears One-year High, Boosts Stocks


Last updated: 01/23/2023 12:40:12

12:40 PM EST, 01/23/2023 (MT Newswires) -- European stocks closed Monday trading in the green, following a global rally and improving consumer confidence in the euro area.

The Stoxx Europe 600 gained 0.52%, London's FTSE 100 edged up 0.18%, the Swiss Market Index added 0.98%, France's CAC 40 was 0.52% higher and so was Germany's DAX by 0.46%.

Eurostat said the flash consumer confidence indicator in January increased 1.1 percentage points in the eurozone at -20.9, but is still well below the long-term average. While the reading is lower than the consensus estimate of -20, the latest survey is an 11-month high for consumer morale in the region.

In other data news, Poland reported that for December 2022, annual retail sales edged up 0.2% and producer prices inflation eased MoM to 20.4% from 21.1%. On the other hand, industrial production growth eased to 1% from 4.5%. ING wrote in a note that the latest data releases were underwhelming but point to a better-than-expected 2023 for the Polish economy.

In corporate news, London's Financial Times reported that Airbus (AIR.PA) hired Morgan Stanley to look for potential investors to support the planned spin-off of its high-altitude drone program Zephyr. Meanwhile, Balfour Beatty (BBY.L) secured a contract worth 1.2 billion pounds sterling for the delivery of new highways in Essex, UK. At close of trading, the French planemaker's shares were up 0.25% and the British infrastructure and construction giant added 1.06%.
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