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Inflation Decline in Germany, Spain Helps Boost European Equities

11/29/2022 | 11:13am
(MT Newswires) -- American depositary receipts of European stocks were trading higher Tuesday morning as investors were encouraged by lower inflation data coming of out of Germany and Spain. The S&P Europe Select ADR Index, which was up 1.30% to 1,087.83, has increased by more than 11% in the past month.

In continental Europe, the gainers were led by energy companies Equinor (EQNR) and TotalEnergies (TTE), which rose 4.5% and 2.9% respectively. They were followed by Italian energy group Eni (E) and Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA), which were up 2.7% and 2.5% respectively.

The decliners in continental Europe were led by biopharmaceutical companies Genfit (GNFT) and DBV Technologies (DBVT), which fell 4% and 3.1% respectively. They were followed by Credit Suisse Group (CS) and furniture maker Natuzzi (NTZ), which lost 3% and 1.7% respectively.

In the UK and Ireland, the gainers were led by biopharmaceutical company Bicycle Therapeutics (BCYC) and HSBC Holdings (HSBC), which rose 5.6% and 5.2% respectively. They were followed by insurer Prudential (PUK) and mining company BHP Group (BHP), which were up 4.5% and 3.3% respectively.

The decliners in the UK and Ireland were led by Avadel Pharmaceuticals (AVDL) and software firm Endava (DAVA), which lost 2.3% and 1.7% respectively. They were followed by biopharmaceutical companies NuCana (NCNA) and Mereo BioPharma Group (MREO), which were down 1.3% and 0.7% respectively.

MT Newswires 2023
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