Chinese real estate fears cool; Earnings, data at a glance
LONDON – European stocks rose on Friday as fears over the Chinese real estate market eased as investors watched corporate earnings and key economic data.
At the bottom of the European blue chip index, Swedish goalkeeper Boliden fell 5.4% after missing third quarter earnings guidance.
Shares of the London Stock Exchange fell more than 3% following his trading statement.
Flurry of economic data
On the data side, the UK GfK Consumer Confidence Survey for October showed UK consumers to be at their lowest since February, as rising energy prices and Covid-19 cases thrown in new doubts about the country’s recovery. GfK also found that a record proportion of Britons believe inflation will accelerate over the next 12 months.
October’s first flash composite PMI (Purchasing Managers’ Index) reading for the euro area, which includes both services and industrials, came in at a six-month low of 54.3 against 56.2 in September, the surge in prices weighing on businesses. Inflation expectations across the common currency bloc have also reached multi-year highs.
In the UK, the composite reading unexpectedly climbed to 56.8 from 54.9 in September, but new data also showed UK retail sales fell 0.2% month-on-month in September, well below consensus expectations for a 0.5% increase.
Separately, G-7 trade chiefs will meet on Friday to discuss global supply chain challenges that are slowing growth and driving inflation up.
In Germany, the three parties involved in coalition talks hope to conclude negotiations by the end of November and pave the way for the election of Social Democratic Party leader Olaf Scholz as chancellor in early December, Reuters reported on Thursday. , citing party officials.
– CNBC’s Eustance Huang contributed to this report.
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