European markets shifted focus to corporate earnings and overlooked rising rates, looming recession and deepening energy crisis. Benchmark indexes in the UK, France and Germany closed up for the week.
The Bank of England lifted its key lending rate and said inflation is too high and economic pain last longer than anticipated. Norway lifted its key rate by 25 basis points. Swiss inflation eased. BMW reiterated its 2022 annual outlook.
Germany's import price inflation in September eased after energy prices cooled. UK manufacturing contracted at the fastest pace in three years in more than two years.
Benchmark indexes closed higher as investors reacted to mixed batch of earnings. Inflation in Germany and France accelerated in October. Germany's economy unexpectedly expanded in the third quarter.
The European Central Bank lifted key lending rate by 0.75% for the second time in a row and third rate increase in 2022. The central bank held out for future rate increases and said inflation is still too high.
European markets traded sideways ahead of ECB's rate decision on Thursday. Bond yields edged lower and energy prices were stable. UK postponed its budget by a month.
German business confidence continued to slide and on inflation worries and the UK manufacturing outlook weakened. Energy prices declined to 7-month lows on the demand worries.
Benchmark indexes in Europe jumped as much as 2% despite two private surveys indicated deepening economic woes. Natural price dropped 18% to a seven-month low.
The UK Gilt yield advanced on the rising political uncertainties as the Conservative Party struggles to elect a leader. Adidas lowered full-year outlook on China sales worries. L'Oreal sales rose.
European markets turned lower after four-decade high inflation in the UK and Europe raised the prospect of economic slowdown and higher interest rates.
European market indexes extended gains on earnings optimism and the fall in energy prices. Natural gas prices dropped after demand dropped on mild weather conditions.
The UK government made another U-turn and watered down major parts of its mini-budget tax proposals and volatile Gilt jumped and the British pound edged higher as calls for leadership grew louder.
Danone has initiated the process of transferring its business control in Russia. Diageo plans to increase its stake in a brewery in Kenya. Temenos lowered its annual outlook. TomTom lifted its 2022 sales estimate.
