European stock market trading in flat data expectation
2022.12.23 03:43
European stock market trading in flat data expectation
Budrigannews.com – Friday saw no change in European stock prices, with gains in healthcare companies outweighing losses in tech stocks and some luxury companies.
At 08:10 GMT, the region-wide index was down 0.03%, but it is on track to rise 0.6 percent in the final week before Christmas after losing two weeks in a row.
Concerns that the Federal Reserve would need to keep hiking interest rates aggressively for a longer period of time were fueled by U.S. data showing a tight labor market and economic resilience, which led to the index closing down one percent on Thursday.
Miners led gains for the day, rising 0.4% among STOXX 600 sectors.
However, healthcare companies provided the STOXX 600 with the greatest boost, increasing by 0.3 percent, assisted by a 4.9 percent increase in Bavarian Nordic following the vaccine manufacturer’s agreement with the U.S. Department of Defense.
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LVMH and Kering, two luxury brands with a focus on China, were a drag on the main index when it was reported that China anticipates a peak in COVID-19 infections in a week.
Due to losses in chip stocks like Aixtron and ASML Holding (NASDAQ:), the technology sector fell 0.3%.
