European markets advanced following the market surge in New York. Bond yields dropped and the euro and the pound advanced after the U.S. dollar registered its worst one-day loss in 13 years.
European markets reacted to local corporate earnings releases and generally ignored the U.S. midterm election results. Energy prices eased on mild weather and elevated natural gas storage in the region.
Associated British Foods lifted its annual dividend and initiated stock repurchase plan. Schaeffler AG plans to reduce worldwide staff and trim overcapacity. Deutsche Post lifted its annual outlook and cited strength in its international services.
European markets shifted focus to corporate earnings and overlooked rising rates, looming recession and deepening energy crisis. Benchmark indexes in the UK, France and Germany closed up for the week.
The Bank of England lifted its key lending rate and said inflation is too high and economic pain last longer than anticipated. Norway lifted its key rate by 25 basis points. Swiss inflation eased. BMW reiterated its 2022 annual outlook.
Germany's import price inflation in September eased after energy prices cooled. UK manufacturing contracted at the fastest pace in three years in more than two years.
Benchmark indexes closed higher as investors reacted to mixed batch of earnings. Inflation in Germany and France accelerated in October. Germany's economy unexpectedly expanded in the third quarter.
The European Central Bank lifted key lending rate by 0.75% for the second time in a row and third rate increase in 2022. The central bank held out for future rate increases and said inflation is still too high.
European markets traded sideways ahead of ECB's rate decision on Thursday. Bond yields edged lower and energy prices were stable. UK postponed its budget by a month.
German business confidence continued to slide and on inflation worries and the UK manufacturing outlook weakened. Energy prices declined to 7-month lows on the demand worries.
Benchmark indexes in Europe jumped as much as 2% despite two private surveys indicated deepening economic woes. Natural price dropped 18% to a seven-month low.
The UK Gilt yield advanced on the rising political uncertainties as the Conservative Party struggles to elect a leader. Adidas lowered full-year outlook on China sales worries. L'Oreal sales rose.
