Stock Market

European stock indicators ended Monday with growth

As a result of yesterday’s trading, the stock markets of Western Europe closed in positive territory, despite the fact that they were declining at the beginning of trading amid persistent fears about high inflation and rising interest rates in the world’s leading economies.

The composite index of the largest companies in the region Stoxx Europe 600 rose by 0.77% and amounted to 390.83 points.

The German DAX index rose by 0.79%, the French CAC 40 – by 0.55%. The Italian FTSE MIB and the Spanish IBEX 35 added 1.57% and 1.29% respectively.

The British stock index FTSE 100 rose by 0.22% after falling in early trading due to the fact that the international rating agency S&P Global Ratings changed to “negative” from “stable” the outlook for the UK’s long-term ratings. The ratings themselves have been affirmed at ‘AA’.

The UK government unveiled a tax cut plan in late September, in addition to its previously announced measures to provide widespread support for households to pay their electricity bills. As a result, according to S&P analysts, the country’s budget deficit will increase annually by an average of 2.6% of GDP until the end of 2025.

The leaders of growth in the Stoxx 600 index were papers of the Swedish oil and gas company Orron Energy AB, which rose 12.3%.

Shares of Credit Suisse (SIX:CSGN) fell 0.9% yesterday despite statements from Swiss bank chief Ulrich Körner that the company’s finances were sound. The bank’s management is expected to present a business reorganization plan at the end of October.

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The price of securities of the French company Vinci rose by 0.5%. The company previously announced that it had received two contracts for the construction of power transmission lines in Brazil for a total of 1.06 billion euros.

The capitalization of the British energy company Genel Energy grew by 6.5%. The company announced the appointment of Paul Ware as its chief executive officer. Since June, he has held this position on a temporary basis.

ABB Ltd stock quotes. fell 5.6% after the Swedish-Swiss electrical equipment maker announced that it had completed the spin-off of its Accelleron turbocharger business.

Investors also evaluated European statistics yesterday.

As it became known on Monday from the final data of S & P, the Purchasing Managers’ Index (PMI) in the manufacturing sector of the eurozone economy in September fell to 48.4 points from 49.6 points a month earlier. Preliminary data indicated a slightly more moderate decline – to 48.5 points.

In Germany, the manufacturing PMI fell to 47.8 from 49.1, in France it fell to 47.7 from 50.6, and in Italy the indicator rose to 48.3 from 48.

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