Register for Digital Look

Europe close: Stocks end mixed

By Alexander Bueso

Date: Tuesday 12 Oct 2021

(Sharecast News) - European stocks finished on a mixed note on Monday as investors fretted about persistent inflationary pressures even as rising commodity prices lifted mining and energy shares.
The pan-European Stoxx 600 index edged up 0.05% to 457.53 while London's energy-heavy FTSE 100 outperformed, rising 0.72% to 7,146.85.

Miners and energy firms were the main gainers as metals and oil prices rose, with Anglo American, Antofagasta, Glencore, BHP, Rio Tinto, BP and Shell all higher.

"Fed minutes and the start of earnings season, plus more inflation data throughout the week, provide plenty of reason for caution, but at least the debt ceiling issue has been taken off the table for the time being," said IG chief market analyst Chris Beauchamp.

"The rise in oil prices continues to be the major bugbear - the rally shows no sign of slowing down, creating the potential for a feedback loop that accelerates the rise in prices and sends inflation fears into overdrive.

UK banks HSBC, Lloyds, Barclays and Natwest all rose after hawkish comments from Bank of England officials at the weekend led to traders betting on a rise in interest rates next month.

In other equity news, UK online fashion retailer ASOS plunged 13.4% after it said chief executive Nick Beighton was stepping down and warned of a 40% drop in profits for 2022.

Swiss drugs company Idorsia fell 3.9% as a phase three study of its treatment for Fabry disease, which affects the nervous and cardiovascular system, failed to meet a primary endpoint.

German real estate investor Adler Group slipped 2.4% after it agreed to sell residential and commercial property worth €1.49bn to rival LEG Immobilien.

MorphoSys shares gained as its licensing partner Roche received breakthrough therapy designation by the US Food and Drug Administration for gantenerumab, a treatment for Alzheimer's disease.


Email this article to a friend

or share it with one of these popular networks:

Top of Page