Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Europe open: Markets edge higher, but banks drag FTSE 100 into red
(Sharecast News) - European stocks mostly rose on Tuesday morning, but big falls in London's banking sector meant the FTSE 100 was alone in the red early on.
The pan-European Stoxx 600 Index was up just 0.1% in early deals, attempting to bounce back after five straight days of losses. The Dax, Cac 40 and Ibex 35 were all up 0.2%, while the FTSE MIB was down 0.1% and the FTSE 100 dropped 0.3%.
In London, shares in Barclays tanked 8% after the bank's third-quarter results. Headline profits were ahead of analysts' forecasts, but the bank cut its guidance for retail banking net interest margin (NIM) for 2023.
The full-year Barclays UK NIM - the difference between interest income and the amount it pays back in interest on deposits - was revised to 3.05-3.10%, down from earlier guidance of 3.15-3.20%.
Sector peers Lloyds, Natwest and HSBC were all trading lower.
Economic data
It was a busy day for economic data on the continent, while a speech from European Central Bank president Christine Lagarde would likely be closed watched around lunchtime, as it comes ahead of the ECB's policy meeting on Thursday.
In the UK, the unemployment rate improved to 4.2% from 4.3% in the three months to August, surprising economists who didn't expect any change.
Forward-looking German consumer confidence weakened in November, with the GfK index dropping to -28.1 from a revised -26.7 the previous month.
The HCOB German manufacturing PMI improved from to 40.7 in October from 39.6 in September, but still remains well below the key 50-point level which separates contraction from growth. The services PMI meanwhile, fell to 48 from 50.3.
Meanwhile, the PMIs for the whole Eurozone will be due out in the coming hours.
"It's already reasonable to suggest that the ECB won't move on rate this week, with the October flash PMIs merely serving to underscore how weak the European economy remains, and with the recent sharp rise in energy prices this weakness is likely to endure," said analyst Michael Hewson from CMC Markets.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.