European Shares Slip After Three Days Of Gains

European stocks declined on Thursday, snapping a three-day winning streak as the Federal Reserve’s Dec. 13-14 policy meeting minutes dashed hopes of a Fed pivot anytime soon.

The minutes showed that Fed officials are committed to keep interest rates high through 2023 to curb “unacceptably high” inflation.

Growing worries about a lack of data and transparency surrounding China’s COVID outbreak also kept investors on tenterhooks.

The pan European STOXX 600 was down 0.3 percent at 438.85 after rallying 1.4 percent on Wednesday.

The German DAX dropped 0.4 percent and France’s CAC 40 shed 0.6 percent while the U.K.’s FTSE 100 was up 0.4 percent.

Next Plc shares jumped 7.5 percent after the clothing retailer raised its pre-tax profit forecast for the current year, defying gloom about weakening consumption and the U.K.’s cost-of-living crisis.

Bakery chain Greggs gained about 1 percent after reporting strong double-digit growth in its fourth-quarter sales.

Galliford Try Holdings fell 1.5 percent. The construction group said it has won a £95mln contract to deliver a new prison facility at HMP Rye Hill, near Rugby in Warwickshire.

B&M European Value Retail advanced 1.3 percent. The variety discounter announced a special dividend after reporting an uptick in sales in its third quarter.

Technip Energies N.V. shares jumped 4.5 percent in Paris. The engineering and technology firm said that it has renewed a framework agreement contract for Project Management Consultancy by Kuwait Oil Company (KOC) for another five years.

LafargeHolcim edged up slightly. The Swiss maker of building materials has acquired Chrono Chape, a French provider of on-site self-levelling screeds for an undisclosed amount.

On a light day on the economic front, data showed German construction activity saw little improvement towards the end of last year.

The U.K. final services PMI for December came in at 49.9 versus an earlier flash reading of 50.0.

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