Europe closes higher after reaching grain deal

Friday, 22. July 2022 17:30

European stock exchanges closed higher on Friday following the signing of the long-awaited grain agreement between Russia, Ukraine, Turkey, and the UN. The positive sentiment dominated the market at the close, overshadowing the latest not-so-optimistic European economic data.

Earlier in the day, Germany announced the country will likely face another inflation spike in September, while its composite PMI fell to a 25-month low in July. Similar negative results were reported in the United Kingdom, where the same parameter reached a 17-month low in the same month. In addition, Eurozone marked a decrease in its private sector economic activity in July, following yesterday's decision of the European Central Bank to raise interest rates by 50 basis points for the first time in 11 years.

The DAX increased by 0.18% at the close as Vonovia SE rose by 6.51%. London's FTSE 100 closed 0.20% higher with its best performer Ocado Group PLC going up by 5.52%. In Paris, the CAC 40 was up 0.27% at the end of today's trading with Unibail-Rodamco-Westfield rising 6%.

The euro was 0.08% lower than the dollar, selling for 1.02214 at 5:31 pm CET, while the pound went up by 0.27% compared to the greenback, buying 1.20269 at the same time.

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Author:
Baha Breaking News (BBN) / MM