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Europe close: Stocks put in small bounce at quarter's end

By Alexander Bueso

Date: Saturday 01 Oct 2022

Europe close: Stocks put in small bounce at quarter's end

(Sharecast News) - Stocks on the Continent put in a small bounce on the final trading session of the third quarter with some investors heartened by possible signs of a modicum of stability in financial markets.
That was despite the release of a stronger than expected reading for euro area inflation in September.

In the background, Russia announced the annexation of the new territories taken from Ukraine.

Against that backdrop, the benchmark Stoxx 600 traded up 1.3% to 387.85.

Germany's Dax added 1.16% to reach 12,114.36 while the FTSE Mib rebounded 1.45% to 20,648.85.

The yield on the benchmark 10-year Italian government bond retreated 16 basis points to reach 4.514%.

Euro/dollar drifted lower by 0.13% in parallel to 0.9802, while the pound added 0.48% to 1.1170 having earlier risen to 1.1234.

Dutch TTF gas futures were 2.6% lower to €186.25/Mwh and front-dated Brent crude oil futures were 0.4% higher to $85.6 a barrel on the ICE.

On the economic side of things, according to Eurostat the annual rate of increase in euro area consumer prices picked up from 9.1% in August to 10.0% for September (consensus: 9.7%).

At the core level, CPI accelerated from 4.3% to 4.8% (consensus: 4.7%).

In Germany, the Federal Labor Agency reported a smaller-than-expected 14,000 jump in jobless claims following a 28,000 person increase for August.

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