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Title: European Stocks Lower; Caution Ahead of Key U.S. Inflation Data

Jan 10, 2022 03:44AM ET

By: AnalysisWatch

European stock markets edged lower on Monday as investors were cautious at the start of the week, which sees the release of key US inflation data and comments from Federal Reserve Chairman Jerome Powell.

At 4:20 AM ET (0920 GMT), Germany's DAX traded 0.2% lower, France's CAC 40 fell 0.2%, and the UK's FTSE 100 fell 0.1%.

European stock markets are trading against the backdrop of a rapid spread of the Omicron variant of the COVID-19 virus during the holiday season. Although in the UK, the first country in the region to record an increase in Omicron cases, the wave of infection seems to have peaked in London without overwhelming the healthcare system.

Credit Suisse shares rose 1.7% after a report by Swiss financial website Inside Paradeplatz suggested the troubled Swiss bank may be looking for a buyer. Confirmation from either party is not yet available.

The entire banking sector could be in focus this week as several major US banks, including JPMorgan Chase, Citigroup, and Wells Fargo, are set to release their fourth-quarter results on Friday.

Atos, a French enterprise software company, fell 18% to a 10-year low after a profit warning, while Idorsia shares rose 4% after the Swiss drugmaker announced FDA approval for its treatment for insomnia in adult patients.

Taylor Wimpey, Persimmon, Barratt and Berkeley Group all saw share prices fall by between 2.3% and 3%, putting them at the bottom of the FTSE 100.

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