Europe open: Shares up as miners in favour
By Frank Prenesti
Date: Friday 18 Nov 2022
(Sharecast News) - European shares were higher on at the open on Friday with miners leading the way, although hawkish comments overnight from US Federal Reserve officials weighed on investors.
The pan-European Stoxx 600 index rose 0.45% by 0830 GMT with all major regional bourses higher.
St. Louis Fed President James Bullard said interest rates might need to reach 5-5.25% to be "sufficiently restrictive" to curb inflation.
"Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023," he said.
In the UK October retail sales fell 6.1% year-on-year, slightly better than analysts were expecting for a fall of 6.5%.
Month-on-month there was a bigger than expected pick up of 0.6% versus forecasts of 0.3% and swinging from a slide of 1.5% in September when sales were hit by the bank holiday for the state funeral of Queen Elizabeth.
In equity news, UK insurer Legal & General gained after an upbeat trading statement.
Reporting by Frank Prenesti for Sharecast.com
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