European stocks end lower as traders monitor earnings and monetary policy; Uniper is up 14%

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Last Updated on July 21, 2022 by Bitfinsider

On Wednesday, European markets ended lower as investors continued to analyze business results, economic data, and the possible direction of monetary policy.

The pan-European Stoxx 600 reversed early gains to end the session provisionally lower by 0.2 percent. To lead losses, the banking and automotive sectors each experienced declines of more than 0.9 percent. Following Netflix’s announcement that it anticipates returning to subscriber growth in the third quarter, tech shares increased by 1.7%.

The slightly negative trade for European markets follows a session on Tuesday that was equally erratic as the relief surge from the previous two sessions lost some of its vigor.

In the United States, it was a different story, with the major averages trading primarily higher. Netflix’s upbeat outlook helped the tech-heavy Nasdaq Composite rise 1.6 percent.

The blockade on grain shipments between Russia and Ukraine is about to ease, according to reports, and Nord Stream 1 is likely to resume gas exports on schedule once maintenance is finished. These claims were in addition to the encouraging lead from Wall Street.

Investors are focused on the European Central Bank’s policy meeting in Frankfurt on Thursday since officials have announced the first rate hike in 11 years in advance. However, this is happening in the midst of energy supply challenges, sluggish economic development, and the conflict in Ukraine.

According to estimates released on Wednesday, the consumer price index increased by 9.4% annually, up from 9.1% in May. This is somewhat higher than the consensus expectation among analysts surveyed by Reuters.

On Wednesday, Uniper climbed the highest. The German energy giant’s shares increased by almost 13% as bailout negotiations with the government continued.

Volvo Car had a more than 5% decline near the bottom of the Stoxx 600 index after the Swedish automaker revised its outlook for retail sales and missed second-quarter earnings projections.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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