Market Updates
Eurozone Inflation Accelerates and Growth Slows, Stocks Advance
Bridgette Randall
31 Oct, 2022
New York City
European markets lacked direction and investors are anticipating another large-size rate hike from the Bank of England on Thursday.
Inflation in the eurozone accelerated to 10.7% in October from 9.9% in September, according to the latest data released by Eurostat Monday.
A separate report from the statistics office showed that gross domestic product rose at a slower pace of 0.2% in the third quarter after rising 0.8% in the previous quarter.
The GDP growth on an annual basis dropped to 2.1% from 4.3% rate in the second quarter, according to the preliminary data released today.
The final and revised data are scheduled to be released on November 15.
The DAX index rose 0.4% to 13,297.71, the CAC-40 index added 0.3% to 6,289.75 and the FTSE 100 index advanced 1.0% to 7,116.52.
Credit Suisse jumped more than 4.4% after the troubled Swiss investment bank unveiled a detailed financing plan to raise 4 billion Swiss francs.
Fresenius SE jumped 5.8% after the dialysis center operator lowered its fiscal 2022 annual outlook and said net income is estimated to fall between the high teen and mid-twenties percentage range.
UniCredit SpA increased nearly 2% after the Italian lender lifted its full-year net income outlook on higher net interest rates.
International Distributions Services PLC formerly known as Royal Mail gained 5.7% after its largest workers union withdrew its plan to strike next week.
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