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Home » Economics » European stocks close higher ahead of Fed rate decision – RTTNews

European stocks close higher ahead of Fed rate decision – RTTNews

21/09/2022 17:01:15
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Despite worries about the economic slowdown, rising interest rates and geopolitical tensions, European stocks advanced on Wednesday.

Markets were eagerly awaiting the Federal Reserve’s interest rate decision, expected later in the day. The Fed is widely expected to raise interest rates by 75 basis points. Some analysts expect the rate to be raised to 1%.

CME Group’s FedWatch tool currently indicates an 84% chance of a 75 basis point rate hike and a 16% chance of a 100 basis point rate hike.

Concerns over geopolitical tensions weighed on stocks earlier in the day. Russian President Vladimir Putin has announced a partial military mobilization in the country, bringing geopolitical tensions to the fore.

In a televised address, Putin said the partial mobilization of his 2 million military reserves was meant to defend Russian territories, saying the West wanted to destroy Russia and did not want peace in Ukraine.

The pan-European Stoxx 600 index climbed 0.9%. Britain’s FTSE 100 jumped 0.63%, Germany’s DAX 0.76% and France’s CAC 40 0.87%, while the Swiss SMI fell 0.52%.

Among others markets in Europe, Belgium, Denmark, Finland, Ireland, the Netherlands, Norway, Poland, Portugal and Sweden finished higher.

The Czech Republic, Greece, Iceland, Russia and Turkey closed weakly, while Austria and Spain stabilized.

In the UK market, Hargreaves Lansdown gained 5.7%. Persimmon, BAE Systems, Schrodders, Taylor Wimpey, 3I Group, Halma, Barratt Developments and Ashtead Group gained 3-5%.

Airtel Africa, Spirax-Sarco Engineering, RightMove, Harbor Energy, Experian, Croda International and Vodafone Group also grew strongly.

Ocado Group lost more than 5%. IHG and IAG both lost around 3.3%. Whitbread, Rolls-Royce Holdings, Natwest Group, Flutter Entertainment, Barclays, HSBC Holdings, BT Group and Lloyds Banking Group fell 1-2.3%.

On the German market, Infineon Technologies, Puma and Symrise gain 2.5 to 2.7%. MTU Aero Engines, E.ON, Linde, Siemens, Sartorius, SAP, RWE and Munich RE rose 1.2-2%.

HelloFresh fell 3%. Fresenius, Deutsche Post, Deutsche Bank and Continental also ended sharply lower.

In Paris, Thales rebounded 4%. WorldLine, STMicroElectronics, Veolia, Teleperformance, Air Liquide, Dassault Systèmes, Legrand, Hermes International, Schneider Electric, Engie, Airbus Group and LVMH gain 1.5 to 3.6%.

Accor, Renault, Carrefour, Air France-KLM, Valeo, Société Générale and BNP Paribas lost 1 to 4%.

On the economic front, the UK’s budget deficit exceeded the official estimate in August, despite a notable increase in tax receipts as high inflation raised debt servicing costs, data released by the UK showed. Office for National Statistics.

Net public sector borrowing excluding public sector banks fell to £11.8bn from £14.4bn last year.

However, this is £5.8 billion more than the £6.0 billion forecast by the Office for Budget Responsibility and also £6.5 billion more than before.coronavirus period. The level economists expected was £8.45 billion.

UK manufacturers reported a marginal drop in output in the three months to September, but expect a much steeper fall in the next three months, according to the Confederation of London’s monthly industrial trends survey. British industry and Accenture.

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