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Home > Morgans Financial Limited > Morgans AM: Tuesday, 22 February 2022
Podcast: Morgans Financial Limited
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Morgans AM: Tuesday, 22 February 2022
Category: Business
Duration: 00:04:15
Publish Date: 2022-02-21 22:50:07
Description: European bourses relinquished opening gains to settle in the red, with the Automotive sector (down -2.7%) leading the pan-European Stoxx 600 index (which includes UK equities) -1.30% lower. Germany's DAX fell -2.07%. France's CAC lost -2.04%. French car parts group Faurecia SE fell -5.40% despite forecasting a rise in annual sales, adding that it expected semiconductor shortages to ease from the second half of 2022. In broader stock moves, Credit Suisse Group AG fell -3.09% after the Swiss investment bank said that it “strongly rejects” allegations published following a coordinated global media investigation into a mass leak of its client data over previous decades. The leaked information was purported to contain human rights abusers and businessmen under sanctions. In economic data, a flash reading of the IHS Markit manufacturing PMI slipped to 58.4 in February from a final reading of 58.7 in January, below economists’ forecast for an unchanged reading. The eurozone services PMI rose to a five month high of 55.8 in February from 51.1 in January, better than economists’ forecasts for a reading of 52.0. The services business expectations index climbed to 68.7 in February from 67.2. The readings saw a flash reading of the Composite PMI jump to a five-month high of 55.8 in February from 52.3 in January, significantly above median economists forecasts for 52.7. The German producer price index (PPI) rose at its fastest rate since modern records began in January, printing at 25% year-on-year versus 24.2% in December. Energy prices continue to make the biggest upward contribution, up +66.7%. The German Ifo Business Climate index for February is released tonight AEST.
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