Economy

Stocksak: European shares fall on mixed earnings and commodity weakness


© Stocksak. The graph of the German share index DAX can be seen at the Frankfurt stock exchange, Germany, October 27, 2022. REUTERS/Staff

(Stocksak). European shares fell on Friday as investors evaluated the path of monetary policy tightening in light of slowing economic growth.

The pan-European index dropped 0.9% by 0719 GMT. Miners led the losses. This was due to falling commodity prices and concerns about China’s growing COVID-19 restrictions. [O/R] [MET/L]

The benchmark index closed flat Thursday after the European Central Bank raised its interest rates as expected, but stated that “substantial” progress was already made in its efforts to stop an historic rise in inflation.

Europe’s technology stocks declined 2.1% as Wall Street peers continued to suffer from a weak forecast from Amazon.com Inc. (NASDAQ:). [.N]

Volkswagen (ETR.) lost 2.4% after Europe’s top carmaker claimed it expected deliveries to be roughly the same as last. The company reported third-quarter earnings at 4.3 billion euros ($4.28billion), which is below pre-pandemic levels.

Danone saw an increase of 1.3% in its revenue growth forecast for 2022, as the French food company was able to raise prices in order to combat rising costs.

($1 = 1.0056 euros)

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