Market Updates
European Indexes Rebound to 3-month High, Natural Gas In Focus
Bridgette Randall
22 Nov, 2022
New York City
European markets closed higher after falling in the previous session driven by higher commodities prices and a sharp reversal in energy prices.
Energy sector stocks led the rebound after natural gas prices soared more than 7% and crude oil prices traded as high as 3%.
Benchmark indexes closed at a 3-month high after investors focused on the latest batch of earnings and natural prices were in focus.
World economies are expected to slow down considerably in 2023, according to the latest report from the OECD.
Global economic growth is expected to slow to 2.2% in 2023 from 3.1% in 2022.
The Paris multilateral agency estimated GDP growth in the eurozone and the U.S. is expected to slow down to 0.5% from 3.3% and 1.8% respectively.
The DAX index increased 0.3% to 14,422.35, the CAC-40 index gained 0.4% to 6,657.53, and the FTSE 100 index added 1.03% to 7,452.84.
The euro held stable at $1.028 and the British pound fetched $1.186.
Natural gas prices rose for the third day more than 4% in a row and prices remained four times ahead of last three-year average.
Russia-based Gazprom said it plans to halt the flow of natural gas through Ukraine as of November 28.
Higher-than-average temperatures in the region have kept natural gas storage near capacity and helped to deal with energy crisis.
Brent crude oil rebounded 1.2% to $88.56 a barrel and TTF natural gas gained 7.2% to 124.10 euros a MWh.
The UK bond yields were in focus after the public sector borrowing surged in October.
Public sector borrowing, excluding banks, rose
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