European stocks closed mostly higher on Thursday amid a busy earnings day and the historic resignation of British Prime Minister Liz Truss.
The Stoxx Europe 600 rose 0.26%, London’s FTSE 100 edged up 0.27%, France’s CAC 40 added 0.76% and Germany’s DAX rose 0. 20%.
The Swiss market index fell 0.10% as official data showed Switzerland’s trade surplus rose monthly to 2.78 billion francs ($2.77 billion) in September. Meanwhile, the Federation of the Swiss Watch Industry reported a 19.1% annual jump in Swiss watch exports.
Truss said she would remain at Number 10 until a new leader is elected by the Conservative Party, which is expected to be completed next week. The resignation, which makes Boris Johnson’s successor the shortest prime minister in British history, follows weeks of market turmoil, criticism and pressure since the publication in late September of a mini-budget including unfunded tax cuts.
ING noted that the resignation did not send government bonds or the pound into overdrive, which it attributed to “a widely held assumption” that a new Prime Minister will not further deepen the uncertainty. current policy in the UK.
Meanwhile, producer prices in Germany jumped 45.8% year-on-year in September, matching the same record growth rate of the previous month. The business climate indicator in France also remained stable, remaining at 102 in October despite slight pessimism in the services sector.
In business news, Hermes (RMS.PA) was 1.57% in the green after reporting a 32.5% rise in third-quarter revenue, driven by the luxury retailer which saw growth at double digits in all its markets. Elsewhere, Swiss elevator maker Schindler (SCHN.SW) reported a 20.9% drop in third-quarter net profit in a “declining Chinese market”, sending its shares down 4.58%. % at closing.