Europe close: Stocks jump after benign US inflation data
By Alexander Bueso
Date: Thursday 10 Nov 2022
(Sharecast News) - European shares swung into positive territory during the final hours of trading on Thursday as a softer-than-expected reading on US consumer prices left investors stunned, while in the US stocks rallied hard.
The pan-European Stoxx 600 index was up 2.74% to 431.86 and Germany's Dax was ahead by 3.51% to 14,146.09 with Spain's Ibex 35 at the rear with a rise of 1.15% to 8,133.20.
Over in New York trading, the Nasdaq Composite tore 6.05% higher to 10,979.22, alongside a 4.52% jump on the S&P 500 to 3,917.84.
The US Department of Labor reported that the annual rate of increase in consumer prices slipped from 8.2% for September to 7.7% in October.
At the core level meanwhile, CPI declined from 6.7% to 6.3%.
Traders are also watching the results of US mid-term elections, with control of the Senate still in the balance and the predicted "red wave" of Republican victories in the House of Representatives failing to materialise.
In another dump day for corporate earnings and updates, shares in British gas parent Centrica snapped higher as it lifted guidance and announced a share buyback.
German takeaway food company Delivery Hero surged 18% as it said that it would achieve an adjusted core profit margin on gross merchandise value (GMV) of more than 0.5% in 2023.
Bookseller and stationer WH Smith gained after swinging to a profit as travel recovered from the Covid pandemic.
Auto Trader rose even as it reported a slight drop in operating profits and the company said its new Autorama acquisition would make a loss this year due to supply constraints.
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