Stocks in Europe Reach 3-Month High.
London, Tuesday, 22 November 2022
The benchmark Stoxx 600 increased by more than 0.5% to reach three-month highs on Tuesday, and the German DAX increased above 14,430 to reach its highest level since early June.
As commodities prices increased, oil and gas equities increased by more than 4.5% to lead gains in the Old Continent. Mining shares then increased by 2.5%.
Enel, the top utility in Italy, said that it would sell assets for €21 billion to reduce debt, while Thyssenkrupp, the steelmaker in Germany, was under pressure after activist investor Cevian reduced its share in the company.
Electrical retailer AO World in the UK increased its forecast for full-year profits. The Eurozone's growth was predicted by the OECD to be just 0.5% next year, with Germany's economy, which is dependent on Russian gas, shrinking by 0.3%.
(Report by: The Decision Maker – Finance editors)