November 26, 2021: -On Tuesday, European stocks inched higher as investors continued to monitor the Covid crisis in the region and political developments in Germany.
The pan-European Stoxx 600 was up 0.2% by morning, over halving its opening gains, with utilities climbing 1.4% while travel and leisure stocks fell 1.7%.
On Wednesday, Investors are digesting the recent news out of Germany, where a new coalition government deal amid the Social Democrats, Greens, and Free Democrats was announced.
The agreement will see Olaf Scholz, Germany’s former finance minister, become Germany’s new chancellor when Angela Merkel leaves the post by December.
European investors keep monitoring the acute Covid crisis in the region this week between rising infections that have prompted a handful of countries to introduce recent Covid restrictions.
Italy announced Wednesday evening that it would introduce tighter Covid measures. Germany has narrowly avoided another lockdown, with the incoming coalition reportedly wanting to wait and see if tighter Covid passport rules help alleviate rising cases there. Nonetheless, incoming German leader Olaf Scholz said on Wednesday that vaccinations must be compulsory for targeted groups.
Overnight in Asia-Pacific markets, shares were mixed as investors reacted to the Bank of Korea’s decision to increase its policy rate to 1%. On Wednesday, the South Korean central bank’s decision followed a move by the Reserve Bank of New Zealand.
U.S. markets are closed Thursday for Thanksgiving and will close early on Friday in a shortened session.
On the data front, official statistics revealed that Germany’s third-quarter gross domestic product (GDP) grew by 1.7% quarter-on-quarter, fractionally below expectations.
Germany’s GfK consumer sentiment barometer showed that spiking inflation and the increase in Covid-19 cases weigh on consumer morale heading into December. The survey decreased to -1.6 points from a revised 1.0 in November.
Remy Cointreau increased over 11% to lead the Stoxx 600 after the French drinks group beat first-half profit expectations and increased its full-year outlook regarding individual share price movement.
At the bottom of the European blue-chip index, Swedish online gambling company Evolution plunged over 14% after launching an internal review into allegations of conducting gambling business in banned countries.
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