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)