European Stocks Close Higher As Risk Sentiment Improves

(RTTNews) - European stocks closed higher on Tuesday with traders building up some positions ahead of the outcome of the U.S. midterm elections, and the crucial U.S. consumer inflation data.

Stocks gained in stregth after turning in a somewhat mixed performance earlier in the session.

The pan European Stoxx 600 climbed 0.78%. The U.K.'s FTSE 100 edged up 0.08%, Germany's DAX surged 1.15% and France's CAC 40 gaomed 0.395, while Switzerland's SMI ended higher by 0.71%.

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Finland, Greece, Iceland, Netherlands, Poland, Spain, Sweden and Turkiye closed higher.

Norway ended weak, while Ireland, Portugal and Russia settled flat.

Shares of mining companies fell on reports coronavirus cases increased in Guangzhou and other Chinese cities.

In the UK market, B&M European Value Retail, Frasers Group, Ocado Group, Fresnillo, Endeavour Mining, JD Sports Fashion and Schrodders gained 3 to 4.5%.

Spirax-Sarco Engineering, Anglo American Plc, Experian, Antofagasta, Croda International Group, Rentokil Initial, United Utilities, Coca-Cola, Next, Severn Trent and Rolls Royce Holdings surged 2.5 to 3%.

Associated British Foods gained about 2%. After reporting a jump in annual profits, the Primark owner has announced a £500mln share buy-back program for the current financial year.

Hammerson climbed 4.75%. The British retail property firm said that footfall at its Irish flagships improved to 90pc of 2019 levels in the third quarter of the year.

DCC plunged more than 8%. Persimmon, Harbour Energy, BP, Admiral Group and Shell lost 2 to 5.3%.

In Paris, STMicroElectronics climbed nearly 4.5%. Dassault Systemes, CapGemini, Publicis Groupe, ArcelorMittal, Atos, Faurecia, Kering and Teleperformance gained 2 to 3.1%.

Renault shares drifted down more than 3.5% after the company announced a sweeping overhaul plan.

Carrefour ended lower by about 1.8% after the retail giant said it would step up its expansion in e-commerce, open more discount stores and cut costs as part of a new strategic plan.

Airbus Group, Engie, Pernod Ricard and Sodexo shed 0.7 to 1%.

In the German market, Infineo Technologies rallied about 6.5%. Qiagen, Zalando, Symrise and Merck gained 2.5 to 5.1%.

Munich RE surged 2.5% after confirming its 2022 profit guidance.

Bayer ended more than 4% down. Puma and Porsche Automobil lost 1.6% and 1.35%, respectively.

Danish jewelry maker Pandora moved up sharply after its third-quarter sales topped estimates.

On the economic front, data released by the Customs Office showed France's foreign trade deficit increased in September from a year ago, as imports grew more rapidly than exports.

The trade deficit rose notably to EUR 17.49 billion in September from EUR 7.17 billion in the corresponding month last year. In August, the deficit was EUR 15.30 billion.

Exports were 21.9% higher in September compared to last year. Due to increased energy demand, imports climbed more sharply, by 36.8%. Month-on-month, both exports and imports rose by 0.5% and 3.6%, respectively.

France's payroll employment continued to increase in the third quarter, flash estimate from the statistical office INSEE showed.

Private payroll employment advanced 0.4% or 89,400 from the previous quarter. Employment had increased 0.5% in the second quarter and 0.4% in the first quarter.

At the end of September 2022, private payroll employment topped its 2021 level by 2.2%, data showed.

Preliminary data from Eurostat showed Euro area retail sales grew for the first time in four months in September, and continued to be led by the mail order and internet sale segment.

Retail sales rose 0.4% from August, when they stagnated, which was revised from a 0.3% fall. The increase was in line with economists' expectations.