Market Snapshot

European Stocks End Higher Ahead of US Fed Decision


Last updated: 01/26/2022 12:40:54

12:40 PM EST, 01/26/2022 (MT Newswires) -- European stock markets closed higher on Wednesday as traders shrugged off the ongoing geographical tensions in Ukraine and looked forward to the US Federal Reserve's announcement on its latest monetary policy.

Germany's DAX and France's CAC were up 2.2%, and the Stoxx Europe 600 climbed 1.7%. The FTSE 100 in the UK and the Swiss Market Index gained 1.3%.

The French government renewed its threat of initiating legal proceedings against the UK amid the lack of progress in issuing post-Brexit fishing licenses, The Independent reported, citing France's European Affairs Minister Clement Beaune.

France's consumer confidence declined to 99 points in January from its long-term average of 100 in December, the national statistics agency INSEE said. The latest reading remained above the consensus estimate of 98 points.

The UK parliament will decide on a bill that aims to prevent the use of digital products with poor cybersecurity and introduce laws for new smart devices, according to a statement. The Product Security and Telecoms Infrastructure Bill will give ministers powers to ban universal default passwords that are pre-set on devices, requiring transparency from manufacturers.

On the corporate front, French care home operator Orpea (ORP.PA) plummeted 21% after the company denied allegations of mistreating patients. The nursing home operator said it did not offer any money to a journalist to stop the release of a book that exposed patients' mistreatment.
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