Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

European Stocks Higher; Eurozone PPI Data Due

Stock Markets Oct 04, 2022 03:44AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
0.47%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
UK100
+0.14%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
FCHI
+0.28%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DE40
0.87%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GRG
+1.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MMTP
-1.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse 

Investing.com - European stock markets climbed higher Tuesday, building on the previous session’s positive start to the new quarter.

By 03:45 ET (07:45 GMT), the DAX in Germany traded 1.9% higher, the CAC 40 in France rose 2.3%, and U.K.’s FTSE 100 climbed 1.1%.

European equities have started the new quarter on an upbeat note, bouncing after the sharp losses of the third quarter caused by concerns over slowing growth and aggressive monetary policy tightening.

“Investors are starting to doubt central banks globally will remain aggressive with fighting inflation as financial stability risks are growing,” said Ed Moya, an analyst at Oanda.

Helping the tone was the decision of the U.K government to reverse proposed tax cuts for top earners. That said, this only rules out a small percentage of the planned 45 billion pounds of unfunded tax cuts announced last week, and seriously undermines the authority of both the Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng.

Also helping sentiment was Australia's central bank raising interest rates by a smaller-than-expected 25 basis points earlier Tuesday.

The economic data calendar is largely empty Tuesday, although investors will keep an eye on the August Eurozone PPI for further clues on the inflationary pressures in the region. The index is expected to rise 4.9% on the month and to be up 43.1% on an annual basis.

In corporate news, Greggs (LON:GRG) stock rose 8% after the British fast food chain showed resilience against the backdrop of a worsening cost of living squeeze, with its total sales rising 14.6% over the 13 weeks to Oct. 1 year-on-year.

Made.Com (LON:MADE) stock soared over 20% after the online furniture store said it started talks with a “number of interested parties” regarding the sale of the company.

On the flip side, Metropole Television (EPA:MMTP) stock fell 8% after Bertelsmann's RTL Group scrapped a plan to sell its controlling stake in the French TV company.

Oil prices edged higher Tuesday, continuing the previous session’s positive tone as the market looks forward to Wednesday’s OPEC+ meeting amid expectations of a substantial cut in crude production.

The Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are scheduled to meet tomorrow, and speculation is rife the cartel will agree to an output cut of more than one million barrels a day. 

The move would be the biggest supply cut since the COVID-19 pandemic, and comes after a drastic fall in oil prices since the middle of the year.

By 03:45 ET, U.S. crude futures traded 0.2% higher at $83.83 a barrel, while the Brent contract rose 0.3% to $89.12. Both benchmarks gained more than 4% on Tuesday, the largest daily gain since May.

Additionally, gold futures rose 1% to $1,718.55/oz, while EUR/USD traded 0.6% higher at 0.9881.

 

European Stocks Higher; Eurozone PPI Data Due
 

Related Articles

Kroger raises annual same-store sales forecast
Kroger raises annual same-store sales forecast By Reuters - Dec 01, 2022

(Reuters) - Kroger (NYSE:KR) Co raised its annual same-store sales forecast on Thursday, riding on steady demand for groceries and household essentials despite higher prices. The...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Sanu Nep
Sanu Nep Oct 04, 2022 7:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I m Sanjay ✍️
Chris Chill
Chris Chill Oct 04, 2022 6:11AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Chill
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email