© Reuters. Germany’s DAX Index on the Frankfurt Stock Exchange on December 13, 2021. Photo by Reuters.
Nov 9 (Reuters) – European equities finished three days higher on Wednesday, retreating amid uncertainty over the outcome of the US mid-term elections and concerns over rising inflation.
The European index closed 0.3% lower after hitting its highest close in eight weeks in the previous session.
The energy sector index fell 1.8 percent on a decline following data that U.S. crude oil inventories rose at a higher rate than expected and the index was also affected by fears that the increase in infections from Covid-19 in China, the largest importer of crude oil in China in the world, could damage the demand for fuel.
Other sectors, such as travel and entertainment, mining and banking, fell between 1.1% and 2.1%.
The latest developments have shown that Republicans have made modest gains in the midterm elections for Congress and that Democrats have performed better than expected, but Congressional scrutiny and the future of President Joe Biden’s agenda remain unclear.
The major Wall Street indices fell due to uncertainty over the outcome of the hotly contested elections.
Among the major stocks, German Commercial Bank lost 7.2%, which hit the banking index, down 1.1%.
Shares in Marks & Spencer fell 3.4% after the UK retailer warned of a “storm” due to rising costs and pressure on households.
(Prepared by Rehab Alaa for the Arab Newsletter – By Mustafa Saleh)
