Europe close: Stocks edge higher despite soft economic data
By Alexander Bueso
Date: Tuesday 16 Aug 2022
(Sharecast News) - Europe's main stock market indices pushed higher again on Tuesday on the coattails of a fresh advance on Wall Street, although risk appetite was tempered by mixed economic data in the States and soft survey readings in Euroland.
The pan-regional Stoxx 600 index was up 0.16% to 443.07, alongside a 0.68% move higher for the German Dax to 13,910.12 while Spain's Ibex 35 notched up a gain of 1.01% to 8,511.90.
Ten-year Italian government bond yields jumped 17 basis points to 3.145%, Brent crude oil fell 3% to $92.11 a barrel and the euro edged up 0.14% to 1.0174.
Worth noting, at one point during the session Dutch TTF natural gas futures came within a whisker of their record highs.
In economic news, the ZEW institute's economic confidence gauge for Germany slipped from July's reading of -53.8 to -55.3 (consensus: -53.8).
And Eurostat reported that in seasonally adjusted terms the euro area foreign trade deficit widened from -€27.2bn for May to -€30.8bn in June.
Further afield, in China, Bloomberg reportedly cited an official from the National Development and Reform Commission according to whom Beijing would consider more policies to stabilise growth and roll them out if necessary - without providing details.
In equity news, Sonova plunged 16% after the hearing aid maker lowered its full-year earnings forecast, due to slower-than-expected development in some important markets and higher component and freight costs.
Pandora fell 6% after the Danish jewellery maker reported second-quarter sales in line with expectations and reaffirmed its annual forecast, despite disappointing sales in the US and China.
BHP shares were up over 5% after a 21% rise in full-year earnings and a record dividend payout. The news lifted miners generally, with Anglo American and Glencore also higher.
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