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European stocks held back by inflation worries

reuters.com · 11/11/2021 03:50
European stocks held back by inflation worries

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- European stocks slipped on Thursday after data showing a spike in U.S. inflation encouraged bets on interest rate hikes and offset some optimism around property developer China Evergrande and a slew of corporate earnings.

The pan-European STOXX 600 .STOXX fell 0.1% as of 0819 GMT after U.S. consumer prices surged at the fastest pace since 1990 that could compel the Federal Reserve into faster policy tightening. nL1N2S11BJ

However, China-exposed sectors, including miners .SXPP as well as construction and materials .SXOP, gained more than 1% as troubled developer Evergrande averted a destabilising default at the last minute for the third time in the past month. nL1N2S207Z

Swiss chemical company Sika SXYAY jumped 10.8% after agreeing to buy construction chemicals maker MBCC in a $6 billion deal. nL8N2S21AZ

Luxembourg-based ArcelorMittal MT.AS gained 2.5% after reporting its strongest quarter in more than a decade. nL1N2S20AA nZ8N2O602E

Retail stocks were among the biggest drags, weighed down by British discount retailer B&M BMRPF, which dropped 4.9% after posting lower first-half core earnings. nASN001VGY



(Reporting by Anisha Sircar in Bengaluru; Editing by Anil D'Silva)

((Anisha.Sircar@thomsonreuters.com;))