FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 10, 2021. REUTERS/Staff
November 11, 2021
(Reuters) – European stocks slipped on Thursday after data showing a spike in U.S. inflation encouraged bets on interest rate hikes and offset some optimism around property developer China Evergrande and a slew of corporate earnings.
The pan-European STOXX 600 fell 0.1% as of 0819 GMT after U.S. consumer prices surged at the fastest pace since 1990 that could compel the Federal Reserve into faster policy tightening.
However, China-exposed sectors, including miners as well as construction and materials, gained more than 1% as troubled developer Evergrande averted a destabilising default at the last minute for the third time in the past month.
Swiss chemical company Sika jumped 10.8% after agreeing to buy construction chemicals maker MBCC in a $6 billion deal.
Luxembourg-based ArcelorMittal gained 2.5% after reporting its strongest quarter in more than a decade.
Retail stocks were among the biggest drags, weighed down by British discount retailer B&M, which dropped 4.9% after posting lower first-half core earnings.
(Reporting by Anisha Sircar in Bengaluru; Editing by Anil D’Silva)
