London, Wednesday, 02 November 2022
The German DAX broke a seven-day winning streak as European financial markets ended the day in the negative. Leading the decline in the regional benchmark Stoxx 600 were businesses that manufacture household items.
Maersk, the biggest container shipping company in the world, lost more than 6% after predicting a downturn in demand following record third-quarter profits due to high ocean freight prices.
On the macro front, new PMIs revealed that industrial activity last month shrank more than was predicted. In the meantime, traders exercised general caution ahead of the Federal Reserve's upcoming 75 basis point rate hike.
(Report by: The Decision Maker - Finance editors)