European Shares Mixed Amid Rate-hike Concerns

European markets were trading mixed on Thursday amid investor concerns about rising interest rates and slowing economic growth after the Bank of Canada’s unexpected rate hike, ahead of key monetary policy reviews next week.

The pan European STOXX 600 was down 0.07 percent at 460.46 after slipping 0.19 percent on Wednesday. The U.K.’s FTSE 100 was 0.15 percent lower at 7,612.57 after losing 0.05 percent in the preceding day.

Meanwhile, the German DAX were trading 0.21 percent higher at 15,994.75, after a 0.20 percent decline on the previous day. France’s CAC 40 was up 0.26 percent at 7,221.42 after losing 0.09 percent on Wednesday.

Switzerland’s SMI was at 11,344.73, down 0.03 percent, after finishing 1.05 percent lower on the last day.

Asian markets finished trading on a mixed note on Thursday amidst apprehensions surrounding hawkish monetary policy and hopes of a stimulus in China.

British transport company FirstGroup plc’s shares gained around 20 percent after reporting a turnaround to profit before tax for fiscal 2023, amidst an increase in revenue. The firm is planning for an additional buyback of up to 115 million pounds of shares.

RWS Holdings plc was up 13 percent, after the provider of technology-enabled language, content and intellectual property services reported higher revenues in its first half, and said it plans to launch a share repurchase programme of up to 50 million pounds. Meanwhile, profit declined in the period, and the firm said its full year outlook is expected to be in line with current market expectations.

Wizz Air Holdings PLC was up 1.7 percent as it reported a narrower loss for fiscal 2023 on significantly higher revenues. The company’s load factor increased 12.4 percent and RPKs grew 98.7 percent. The airline further expects a profit in fiscal 2024.

Meanwhile, Crest Nicholson Holdings PLC also were down 10 percent after reporting weak revenues in its first half, even as profit turned around from last year’s loss.

Mitie Group PLC shares were losing around 1.3 percent. The outsourcing company reported flat annual earnings, while pre-tax earnings grew with strong revenue growth.

Saint-Gobain shares were gaining around 1.3 percent in Paris after the French building materials firm said it expects a double-digit operating margin for the first half, and further maintained its fiscal 2023 outlook for operating margin between 9 percent and 11 percent, in line with the ‘Grow & Impact’ strategic plan target.

On Wednesday, Wall Street had closed on a mixed note amidst a rise in bond yields that followed Bank of Canada’s unexpected rate hike. The Nasdaq Composite dropped 1.29 percent to close at 13,104.89, while Dow Jones Industrial Average added 0.27 percent to finish trading at 33,665.02.

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