European Markets Extend Gains for 4th Day, Eurozone Q3 GDP Growth Slows

Bridgette Randall
15 Nov, 2022
Frankfurt

European markets extended gains for the fourth day in a row and investors focused on the barrage of domestic economic data. 

Seasonally adjusted eurozone gross domestic product in the third quarter rose 0.2% from the second quarter, Eurostat said Tuesday. 

From a year ago, the economy advanced 2.1% in the third quarter after rising at 4.3% in the second quarter. 

On a  monthly basis, seasonally adjusted eurozone and EU employment in the third quarter expanded at a slower pace of 0.2% following a 0.4% rise in the second quarter, Eurostat also reported. 

 The eurozone employment on an unadjusted basis increased 1.7% in the third quarter compared to 2.7% in the second quarter and in the EU expanded 1.5% from 2.4% on an annual basis. 

The statistical agency also reported imports from outside the region soared at a faster than pace than exports in September.  

Imports in the month soared 44.5% and exports advanced 23.6% from a year ago resulting in a large trade deficit. 

International trade swung to a deficit of 34.4 billion euros from a surplus of  6.7 billion euros a year ago.  

German wholesale price increase slowed to 17.4% in October from 19.9% in September, Destatis reported Tuesday. 

The French jobless rate fell to 7.3% in the third quarter from 7.4% in the second quarter, Insee reported Tuesday. 

The DAX index increased 0.5% to 14,378.51, the CAC-40 index advanced 0.5% to 6,641.66 and the FTSE 100 index declined 0.2% to 7,369.44. 

The euro inched lower to $1.031 and the British pound edged up to $1.812. 

Brent crude oil gained 53 cents to $93.56 a barrel and TTF natural gas prices jumped 9.2% to 124.10 euros a MWh. 

Credit Suisse declined 0.2% to 4.28 Swiss francs after the troubled investment bank said it plans to sell a substantial portion of its securitized products group to Apollo Global Management. 

Leoni AG fell 0.8% to