European stocks were mixed on Thursday, as yields rebounded amid bets on higher rates and investors awaited key U.S. labor market and inflation readings to gauge whether inflationary pressures were transient or signaled a more durable turn.

In economic releases, German consumer confidence is set to improve in June, market research group GfK said earlier today.

The forward-looking consumer confidence index rose to -7.0 in June from revised -8.6 in May. Nonetheless, the reading was weaker than the economists’ forecast of -5.2.

Separately, U.K car production increased sharply in April compared to the pandemic hit month in 2020 but remained below its 2019 level, the Society of Motor Manufacturers and Traders said.

The pan European Stoxx 600 was marginally higher at 445.51 after ending flat with a positive bias on Wednesday.

The German DAX dropped 0.4 percent and the U.K.’s FTSE 100 traded flat, while France’s CAC 40 index was up 0.3 percent.

Plane maker Airbus SE surged 5.4 percent after signaling confidence in the recovery of the aviation industry from the pandemic. Rolls-Royce Holding and Melrose Industries both jumped nearly 3 percent.

Alstom gained 1.3 percent. The train maker has received an order from Hessische Landesbahn GmbH (HLB) to supply 32 Coradia Continental electric multiple units.

German sportswear firm Puma gave up 2.1 percent after France’s Kering said it is selling a 5.9 percent in the company.

Bayer shares slumped 4.1 percent. A federal judge rejected the company’s $2 billion Roundup settlement, saying in an order it would not adequately address the concerns of families who may later be diagnosed with non-Hodgkin’s lymphoma.

Home improvement superstore operator Hornbach Group fell over 6 percent after saying it expects adjusted EBIT to fall short of the prior year level in fiscal 2022.

HSBC Holdings edged down slightly in London after the lender said it will exit its U.S. domestic mass market retail banking business and retail business banking through a number of divestitures, and wind-down of the residual branch network.

BP Plc fell over 1 percent and Royal Dutch Shell lost about 2 percent as oil prices declined on concerns over Indian demand and increasing Iranian supplies.

Higher metal prices helped lift miners, with Antofagasta, Anglo American and Glencore climbing 1-3 percent.

Food and beverages group Tate & Lyle slumped 5.4 percent after a warning that earnings will take a hit in the year ahead.

For comments and feedback contact:

Business News

Source link