EUROPE Stocks mostly gains on German industrial production data

European stock markets were trading edge higher late afternoon on Monday, 07 November 2022, as stronger-than-expected German industrial production data offset the dashing of hopes of an easing of China's strict COVID policy after China's health officials reiterated its commitment to maintaining strict COVID-related curbs.

Also, investors geared up for a busy week in U.S. politics, with the Congressional midterm elections, as well as the latest consumer inflation report.

At 11:50 GMT, the pan European Stoxx 600 index climbed 0.57%, or 2.36 points, to 419.34. Germany's DAX index added 0.9%, or 119.23 points, to 13,579.08. France's CAC 40 index added 0.15%, or 9.64 points, to 6,426.08. The U.K.'s FTSE 100 index fell 0.21%, or 15.08 points, to 7319.76. Switzerland's Swiss Market index fell 0.16%, or 17.61 points, to 10,770.16.

 

Swedish Match shares gained about 1% after tobacco giant Philip Morris International said it was going ahead with its $16 billion plan to buy the Swedish firm.

Ryanair Holdings shares advanced after the budget carrier raised its expectations for full-year passenger traffic, forecasting 168 million passengers during its 2023 fiscal year, up from a previous guidance of 166.5 million.

PayPoint shares slumped nearly 5% after it agreed to buy gifting and engagement firm Appreciate Group for 83 million pounds in shares and cash.

GSK shares lower after the drug maker said a late-stage study of its blood cancer drug Blenrep failed to meet its main goal.

ECONOMIC NEWS: German industrial production grew 0.6% month-on-month in September, up from a downwardly revised contraction of 1.2% in August

U.K. house prices were down 0.4% in October from September, when prices slid 0.1%, data published by the Llyods Bank subsidiary Halifax showed.

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