Global Market News

European Equities Close Mostly Higher in Wednesday Trading; German Inflation Falls to 3.2%


Last updated: 11/29/2023 12:15:01

12:15 PM EST, 11/29/2023 (MT Newswires) -- European stock markets closed mostly higher in Wednesday trading as the Stoxx Europe 600 gained 0.43%, the Swiss Market Index was up 0.39%, France's CAC rose 0.24%, Germany's DAX % climbed 1.09%, while the FTSE in London was down 0.43%.

The European Commission reported Wednesday that its economic sentiment Indicator for November rose 0.5 points to 93.7 in the EU and increased 0.3 points to 93.8 the euro area from the previous month. This remained below its long-term average of 100.

The employment expectations Indicator declined 0.5 points to 101.8 in the EU and was down 0.7 points to 102.1 in the euro area in November. Despite the decline, the EEI remained above its long-term average of 100.

The commission also reported its flash estimate of the consumer confidence indicator increased 1.1 percentage points in the EU and 0.9 percentage points in the euro area in November. However, at minus 17.5 and minus 16.9 in the EU and euro area respectively, consumer confidence still languishes significantly below its long-term average.

In Germany, the inflation rate, as measured by the annual change in the consumer price index, is an estimated 3.2% for November, the lowest since June 2021, according to the Federal Statistical Office. Core inflation, which excludes food and energy, is an estimated 3.8%.

In Italy, the consumer confidence index rose to 103.6 from 101.6 in November as all components posted an increase, according to the Italian National Institute of Statistics.

Istat also reported industrial producer prices increased 1.5% in October from September and decreased 9.5%. from a year earlier.

In corporate news, shares of German semiconductor company Infineon Technologies closed more than 4% higher on the DAX after the company announced it will launch its EZ-USB FX10 family of USB 10 Gbps peripheral controllers on Dec. 6.
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