European Shares Rise Ahead Of Fed Meeting

European stocks rose on Tuesday as worries over the fallout from the new coronavirus variant abated and investors awaited decisions from key central bank meetings.

The Federal Reserve’s two-day monetary policy meeting gets underway later today, with economists expecting the central bank to double the pace of tapering its asset purchase program to $30 billion per month in a move to fight high inflation.

The European Central Bank, the Bank of England and the Bank of Japan are also scheduled to unveil their monetary policy decisions this week.

It’s a relatively quiet day ahead on the economic calendar, with market participants awaiting Eurozone industrial production figures for October as well as U.S. producer price inflation data for further direction.

The pan European Stoxx 600 rose 0.4 percent to 475.22 after ending 0.4 percent lower on Monday.

The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were up between 0.4 percent and half a percent.

ArcelorMittal advanced 4.5 percent in Amsterdam. The world’s largest steelmaker said it had entered into repurchase agreements with certain holders of its convertible senior notes for a $395 million buyback program.

AutoStore Holdings lost 7.7 percent after British online supermarket group Ocado Group the first round in a patent-infringement case filed by the Norwegian robotics firm.

Air Liquide Group, a gases, technologies and services company, gained about 1 percent in Paris. The company has signed a Memorandum of Understanding with IVECO, the commercial vehicles brand of CNH Industrial, to develop hydrogen for mobility in Europe.

Ceconomy jumped 3.3 percent. The German electronics retailer said that it expects a moderate increase in sales in fiscal 2022.

Vifor Pharma soared 13 percent after Australian biopharmaceutical giant CSL said it would buy the Swiss drugmaker for $11.7 billion.

Omega Diagnostics Group, dealing in health and nutrition products, jumped 5.7 percent in London.

The company said that its Visitect Covid-19 antigen test is capable of detecting the Omicron variant, as effective as other existing virus variants.

Miner Antofagasta rose 1.2 percent on news it will set out a raft of new targets at its capital markets day later today.

3i Group shares added 1.3 percent. The private equity company announced that Jasi Halai, currently Group Financial Controller, would join the Group Board as Chief Operating Officer in May 2022.

Rentokil Initial, the pest-control company, tumbled 3.8 percent after it agreed to buy Terminix Global Holdings Inc. to expand in the United States.

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