European stocks inch up as Bayer, AB Foods support

Written by on November 9, 2021

November 9, 2021

(Reuters) – European shares steadied near record highs on Tuesday, as strong corporate earnings supported sentiment, while investors awaited fresh U.S. inflation data for clues on the interest rate outlook.

The pan-European STOXX 600 inched up 0.1%, as of 0832 GMT, holding just below a record peak hit last week.

German agriculture and pharmaceutical firm Bayer climbed 2.6% after reporting a rise in quarterly adjusted earnings that beat analysts’ forecasts.

Upbeat earnings outlook from Primark-owner AB Foods supported British stocks. [.L]

Insurers were among the biggest decliners, with German group Munich Re falling 3.1% after saying it expected more COVID-related losses in its reinsurance business than previously expected.

Wall Street indexes cheered the passage of the U.S. infrastructure bill on Monday, though worries that a high consumer prices reading on Wednesday could revive talks of interest rate hikes kept overall gains in check. [MKTS/GLOB]

(Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu)

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