DAX at 12-Week Highs, European Stocks Rise
London, Tuesday, 08 November 2022
On Tuesday, European equity markets increased, with the benchmark Stoxx 600 climbing more than 0.5% to 8-week highs and the German DAX reaching 13,680 for the first time since August. Oil and gas equities lost more than 1.5%, while tech companies, which typically lead gains on the Old Continent, rose over 3%.
In terms of individual stocks, US-German biotech company Qiagen increased its full-year outlook and Danish jewellery maker Pandora increased its share price by more than 10% on the back of positive quarterly results. UK housebuilder Persimmon decreased by 5% after reporting that its sales rate decreased further due to an increase in mortgage rates.
Investors are being cautious this week as they await the results of the US midterm elections, which could influence future economic policies. At the same time, recent optimism for China's openness has been dampened by recent COVID outbreaks there.
(Report by: The Decision Maker - Finance editors)