Europe close: Stocks edge higher
By Alexander Bueso
Date: Friday 27 Jan 2023
(Sharecast News) - European stocks were little changed for the most part on Friday although investor sentiment was boosted by news that German auto-supplier Bosch agreed to increase its shareholding in Sweden's Husqvarna.
Softer than expected readings for US consumption and inflation expectations released in the afternoon also contributed to the positive tone in financial markets.
Worth noting, the US Federal Reserve was due to announce its interest rate decision next Wednesday with investors especially expectant about how hawkish its guidance would be.
The pan-regional Stoxx 600 index was up 0.26% to 455.17, with all the major bourses in the green, even if barely.
Milan's FTSE Mibtel was the exception, climbing 0.83% to end the day at 26,435.75.
"Next week will provide further colour, with a Fed policy meeting which is expected to result in a further 0.25% rate hike, and with a non-farm payroll release which could well confirm that the labour market remains tight," Richard Hunter, head of markets at Interactive Investor.
In equity news, shares in Husqvarna surged 13% on news of the Bosch investment, which will make it the one of the Swedish company's biggest shareholders, as the German company seeks to strengthen the companies' battery alliance.
H&M, the world's second-biggest fashion retailer, fell 4% reported a much larger dive than expected in September-November operating profit, slammed by soaring costs and weakening consumer confidence.
Sainsbury's shares were higher Bestway Group, which owns the Costcutter convenience chain, said it had taken a 3.45% stake in the famous British supermarket chain but was not planning a bid.
Outdoor recreational products maker Dometic fell after reporting challenging conditions in the fourth quarter.
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