(CercleFinance.com) – A certain good mood prevails in the main European markets (+1.5% in London, +1.1% in Frankfurt, +1.6% in Paris), following on from a month of October which saw equities partially recover from a difficult third quarter.
“A major driver of the rally has been speculation that central banks may start to back away from their campaign of rapid rate hikes,” Deutsche Bank said.
‘At the same time, there have been further substantial falls in natural gas prices in Europe from their summer highs, and a stabilization of the UK market with the arrival of the new government,’ he continues.
The only data released in the morning in Europe, the UK’s manufacturing PMI was revised up to 46.2 ultimately for October, but is nevertheless still at its lowest level for 29 months, and compares to 48. ,4 in September.
Surveyors said manufacturing output fell as the influx of new orders contracted at its fastest pace since May 2020, while job cuts were recorded for the first time in nearly two years.
In stocks news, bp remains roughly flat in London, despite launching a new share buyback program after the energy giant more than doubled its profit in the third quarter, helped by rising prices petrol.
AstraZeneca gains 1% as its Covid vaccine, Vaxzevria, has obtained full marketing authorization in the European Union from the European Medicines Agency.
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