European Shares Edge Lower On US Political Uncertainty

European stocks were moving lower on Thursday, as investors fretted about inconclusive U.S. midterm election results and tightening COVID-19 curbs in China.

Traders also awaited key U.S. inflation data later in the day that is expected to show some moderation in price growth.

The pan-European STOXX 600 was down 0.3 percent at 418.95, after snapping a three-day winning streak on Wednesday.

The German DAX and the U.K.’s FTSE 100 slipped around 0.2 percent while France’s CAC 40 index shed 0.6 percent.

Miners Anglo American and Antofagasta fell around 2 percent each in London, as a surge in COVID-19 cases spurred lockdowns in the southern Chinese manufacturing hub of Guangzhou.

BP Plc dropped half a percent and Shell gave up 1.3 percent as oil extended losses for a fourth day on bearish inventory data and China demand worries.

Défense technology firm QinetiQ fell 2.2 percent despite the company lifting its full-year guidance.

Retailer WH Smith added 1.4 percent after it swung to a profit in FY22 and reinstated dividends.

Energy giant Centrica jumped 8.5 percent after lifting guidance and launching a £250mn share buyback.

Tate & Lyle advanced 1.6 percent. The provider of food-and-beverage ingredients reported a rise in pre-tax profit for the first half and said it expects to meet full-year market expectations.

Drug maker AstraZeneca gained 1.3 percent after lifting its FY22 earnings growth view.

Crédit Agricole shares fell 4.3 percent. The French lender reported lower-than-expected revenue in the third quarter, hit by weaker trading income and withdrawals at asset manager Amundi.

Continental AG shares rallied 3 percent. The German automotive supplier and tire manufacturer maintained its fiscal 2022 forecast after reporting a loss in its third quarter.

Housing group LEG Immobilien plunged 7 percent after lowering its profit forecast for this year.

Knorr Bremse surged almost 10 percent after the braking systems maker reported third quarter earnings that topped forecasts.

Allianz added 2.3 percent. The insurer resolved on a share buyback program after quarterly profit beat expectations.

The dollar edged lower in European trade, while Euro zone bond yields struggled for direction ahead of the U.S. inflation report.

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