Europe close: Stocks start week on a mixed note, Telecom Italia leaps higher | #cybersecurity | #cyberattack | #education | #technology | #infosec



“With US markets losing interest in the situation from Wednesday on as the US looks toward Thanksgiving, and the reappointment of the Fed chairman out of the way, the week is in many ways already over,” said IG chief market analyst, Chris Beauchamp.

“Equities traditionally do better around Thanksgiving and into the end of November, and the continued resilience comes despite the worsening situation in Europe and a still-unsolved supply chain problem.”

The pan-European Stoxx 600 dipped 0.13% to 485.46, alongside a 0.27% drop for the German Dax to 16,115.69.

Milan’s FTSE Mibtel on the other hand rose 0.17% to 27,382.87 and the Ibex 35 in Madrid was up by 0.78% at 8,821.30.

In parallel, the euro was lower again, as were German 10-year Bunds, but front month Brent crude oil futures were in the green.

Still weighing on the single currency was the rising number of Covid cases with a full lockdown set to start in Austria on Monday while Germany potentially set to follow suit.

Nevertheless, analysts at JP Morgan argued that this time around people mobility had fallen by just 6% from highs, against the 40-50% drop seen last winter.

“[…] the treatment breakthrough will help investors to look through the potentially poor short-term impact,” they told clients.

“This could end up the last winter when hospitalizations from COVID-19 are significant enough to drive mobility restrictions, with Pfizer and Merck pill results very encouraging.”

Telecom Italia shares leapt 30% on news of a bid from KKR, which was planning to take the group private. Spain’s Telefonica was up 6% in response to the news.

The Stoxx 600 gauge of Telecommunications stocks added 1.75%, alongside roughly 1.0% gains for Banks and Oil&Gas names.

Diploma jumped 8% after the company reported a leap in full-year pre-tax profit on amid improved demand, as it backed its outlook for fiscal 2022.

Elsewhere in the sector, shares in Norway’s Telenor gained after the company agreed to merge its telecom unit with Thailand’s Charoen Pokphand Group in a deal valued at about $8.61bn.

Renault shares added 1% as the car maker signed a second supply deal with lithium developer Vulcan Energy Resources.

Marks and Spencer shares were 2% higher on a report that New York-based private equity outfit Apollo Global Management is pondering a buyout of the company.

Danish wind turbine maker Vestas fell 3% after saying it was hit by a cyber attack that affected its IT systems and compromised data.

Swedish telecoms company Ericsson dropped 6% after announcing a deal to buy cloud communications firm Vonage for $6.2bn.

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