Europe closes mixed after earnings' releases

Thursday, 27. October 2022 17:30

Major European stock exchanges closed the trading session on Thursday mixed, following the release of quarterly financial results by the Credit Suisse Group, Lloyds Banking Group, TotalEnergies, Unilever, and Shell.

Equities' volatile trading was also fueled by European Central Bank's decision to raise interest rates by additional 75 basis points making the third straight increase. The central bank's President Christine Lagarde later warned that the economic activity's downturn trend will likely continue until the beginning of the next year, as normalization of monetary policy is "not done yet."

Frankfurt's DAX rose by 0.21%, as Deutsche Bank AG jumped by 5.11%. London's FTSE 100 gained 0.25%, as Shell PLC pulled the index up by 5.20%.

The CAC 40 dropped by 0.51%, with STMicroelectronics NV losing 6.60%. In addition, the Swiss Market Index plummeted by 1.02% pulled down by Credit Suisse Group's biggest plunge on record, falling 18.60% following its quarterly earnings report.

The euro dropped 0.82% against the American currency, to change hands to $1.00006 at 5:31 pm CET. The pound sterling slumped by 0.32% against the dollar, going to $1.15921 a minute later.

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