European Stocks Start November With Moderate Gains
European stocks opened slightly higher in November, with the STOXX 50 and STOXX 600 gaining 0.2%, after closing near record highs in October. Investors continued to digest recently released corporate earnings while awaiting new market catalysts.
Bank and automaker stocks posted gains, with Unicredit, BBVA, Deutsche Bank, Mercedes-Benz, and BMW all rising more than 1%. BP rose 1.5% after agreeing to sell a stake in its US shale assets to Sixth Street for $1.5 billion. Nokia shares rose nearly 4%. Conversely, Ryanair fell nearly 2% despite posting slightly better-than-expected profit after tax, while noting that it was too early to provide detailed projections for the year.
Shares of Davide Campari Milano fell more than 2% after Italian tax authorities seized $1.5 billion worth of shares from the parent company that controls the beverage maker amid an alleged tax evasion investigation. BNP Paribas was also among the worst performers (-1.4%). (alg)
Source: Trading Economics
