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    RY   CA7800871021

ROYAL BANK OF CANADA

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Europe's STOXX 600 closes slightly lower; focus on euro zone inflation data

11/29/2022 | 05:32am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

*

German, Spanish inflation eases more than expected

*

ASM rises on expectation of smaller fall in China sales

Nov 29 (Reuters) -

Europe's STOXX 600 index slipped in cautious trading on Tuesday as a fall in technology and chemicals stocks offset a rally in commodity-linked shares spurred by hopes that Beijing could ease COVID-19 curbs following recent protests.

The pan-European index closed a volatile session 0.1% lower after having risen up to 0.53%.

China issued a notice to ramp up COVID-19 vaccinations for the elderly as a senior health official said public complaints about the country's pandemic-related curbs stem from overzealous implementation rather than from the measures themselves.

European miners and oil majors gained 2.7% and 1.8% respectively, tracking metal and crude prices, while technology and chemical stocks declined 1.2% and 1.7%.

The rally in commodity-linked shares and banks also helped the London FTSE 100 outperform indexes in Paris and Frankfurt.

"(There) is cause for optimism because there wasn't an immediate clampdown (in China)," said Danni Hewson, financial analyst at AJ Bell.

Investors also exercised caution ahead of a slew of economic data due later this week, including eurozone inflation on Wednesday and a U.S. jobs report on Friday.

Data on Tuesday showed price pressures in

Spain

and

Germany

were easing considerably, while a separate survey said

inflation expectations

among consumers and business in eurozone fell sharply in November from October.

"We reckon that the lower-than-expected November print for the (German CPI inflation rate) can be largely attributed to the unexpected drop in the CPI energy price component (and not ebbing core inflation dynamics)," Deutsche Bank senior economist Sebastian Becker wrote in a note.

"Core inflation dynamics might remain strong in the foreseeable future as companies might still have to pass over significant parts of their higher input costs to their customers."

Flash euro zone inflation figures for November are expected to show price rises edging down to 10.4% year-on-year from a record 10.6%.

The STOXX 600 is on course to end November higher, boosted by recent optimism that central banks might soften their stance on monetary policy tightening in coming months.

Among other stocks,

ASM International added 2.9% after the Dutch semiconductor supplier said it now anticipates a smaller fall in fourth-quarter China sales due to U.S. export restrictions.

HSBC Holdings gained 4.4% after the lender agreed to sell its Canada business to Royal Bank of Canada for $13.5 billion Canadian dollars ($10.04 billion) in cash.

Rival Standard Chartered also climbed 5% and led gains among UK lenders after a government minister said Britain will allow banks to take on more risk to stay competitive.

(Reporting by Susan Mathew and Devik Jain in Bengaluru; Editing by Savio D'Souza, Shounak Dasgupta and Mark Heinrich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ASM INTERNATIONAL N.V. 2.59% 315.3 Real-time Quote.33.80%
BRENT OIL 1.38% 87.38 Delayed Quote.0.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.45% 0.75035 Delayed Quote.1.32%
DEUTSCHE BANK AG 1.83% 12.132 Delayed Quote.12.52%
FTSE 100 0.21% 7761.11 Delayed Quote.3.93%
MSCI UNITED KINGDOM (STRD) 0.19% 1146.2 Real-time Quote.6.21%
ROYAL BANK OF CANADA 1.59% 135.61 Delayed Quote.4.86%
S&P UNITED KINGDOM (PDS) 0.20% 1576.51 Real-time Quote.3.54%
STANDARD CHARTERED PLC 2.48% 719.4 Delayed Quote.12.79%
STOXX EUROPE 600 (EUR) 0.42% 453.98 Delayed Quote.6.40%
STOXX EUROPE 600(EUR)(TR) 0.42% 1049.64 Delayed Quote.6.46%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) -0.43% 1.33245 Delayed Quote.-1.23%
WTI 0.78% 81.125 Delayed Quote.-0.46%
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Sales 2023 53 729 M 40 229 M 40 229 M
Net income 2023 15 836 M 11 857 M 11 857 M
Net Debt 2023 - - -
P/E ratio 2023 11,7x
Yield 2023 4,04%
Capitalization 185 B 138 B 138 B
Capi. / Sales 2023 3,44x
Capi. / Sales 2024 3,17x
Nbr of Employees 91 427
Free-Float 0,91%
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