European Stocks Turning In Mixed Performance In Cautious Trade

2024-11-12 3750
(fxcue news) - European stocks are turning in a mixed performance on Thursday with investors assessing the latest economic data, the impact of the developments on the geopolitical front, and Donald Trump's second term as U.S. President, on global economic growth. The mood remains cautious with investors digesting quarterly results from Nvidia. While earnings surpassed quarterly estimates, the company's sales forecast for the current period has turned out to be somewhat disappointing. The pan European Stoxx 600 is up 0.09%. The U.K.'s FTSE 100 and Germany's DAX are up 0.37% and 0.4%, respectively. France's CAC 40 is down 0.17%, while Switzerland's SMI is gaining 0.26%. In the UK market, Halma is rising nearly 6% after the company reported strong quarterly results. Endeavour Mining, Centrica, Beazley, BP, Experian, Diploma, 3i, Airtel Africa, Marks & Spencer, Shell, Rolls-Royce Holdings, IAG and BAE Systems are gaining 1 to 2.5%. JD Sports Fashion is down 14.5% amidst a profit warning. The company recorded a decline in like-for-like or LFL sales for the third quarter, due to volatile market environment. However, the company posted a rise in organic sales. The retailer also revised down its annual adjusted pre-tax earnings outlook. The company said it expects profit before tax and adjusting items to be at the lower end of its original guidance of 955 million pounds to 1035 million pounds. Vodafone Group, Melrose Industries, Frasers Group, National Grid, DCC, British Land Company and BT are down 1 to 2.3%. In the German market, Qiagen is climbing nearly 3.5%. Fresenius, Fresenius Medical Care, Hannover Rueck, Allianz, Munich RE and SAP are up 1 to 2.3%. Porsche is down nearly 4%. Puma is down by about 3.7%. Sartorius, BMW, Adidas and Siemens Healthineers are lower by 1.3 to 2%. In Paris, Eurofins Scientific is gaining 1.5%. Airbus Group, AXA, Vinci and Societe Generale are up with moderate gains. Kering is declining more than 3%. Teleperformance is down 2.5%, while Danone, Stellantis, LVMH, Bouygues, Pernod Ricard, Essilor and STMicroElectronics are down 0.7 to 1%. On the economic front, the confidence among French manufacturers rebounded somewhat in November after weakening sharply in the prior month. The manufacturing sentiment index rose to 97 from 93 in October, according to INSEE. However, the index is still below its long-term average of 100. The expected score was 95.0. All of the balances of opinion defining the climate have contributed to its rebound, except the general output prospects. The UK budget deficit exceeded expectations in October and hit the second highest October level on record largely reflecting the increase in debt interest payments. Public sector net borrowing increased to GBP 17.4 billion from GBP 15.8 billion in the previous year, data from the Office for National Statistics revealed. The UK manufacturers expect output volumes to increase moderately in the three months to February, survey results from the Confederation of British Industry showed. In the three months to November, output volumes decreased at a faster pace than in the previous quarter. Europe's new car registrations increased in October after two consecutive declines, the European Automobile Manufacturers' Association, or ACEA, reported Thursday. New car sales registered a moderate growth of 1.1%, reversing a decline of 6.1% in September. The rebound was driven by robust performances in Spain and Germany. Registrations in Spain grew 7.2% from a year ago.
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