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☆ European shares reverse gains as investors focus on inflation
▼ + stars: | 2022-10-19 | by ( Amruta Khandekar | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 reverses early gainsUK inflation hits 10.1% in SeptemberASML posts upbeat earningsOct 19 (Reuters) - European shares reversed early gains on Wednesday, as investors fretted about runaway inflation and aggressive monetary policy tightening, even as upbeat corporate earnings soothed some fears about a recession. The region-wide STOXX 600 index (.STOXX) was down 0.5%, snapping a rally this week that was mainly driven by hopes of a better-than-expected earnings season and the UK's fiscal policy reversal. read more"Earnings numbers (are) all good but global inflation, macro events are going to take precedent," said Michael Baker, head of online services at Oval Money. read moreNestle (NESN.S) raised its full-year sales outlook, but the company's CEO raised concerns about the "challenging economic environment" affecting consumers' purchasing power. read moreSartorius (SATG.DE) dropped 13.9% after the German lab equipment maker said it expected 2022 revenue to reach the lower half of its outlook.

☆ European shares inch higher as ASML's results lift chip stocks
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - European shares edged higher on Wednesday, as semiconductor firm ASML's upbeat results lifted the technology sector and bolstered hopes for a strong earnings season, though gains were capped by lingering fears about surging inflation and interest rates. read moreShares of other chip stocks, including ASM International , BE Semiconductor (BESI.AS) and Aixtron (AIXGn.DE), rose between 0.7% and 6%, boosting the technology sector (.SX8P). Among other single stocks, Handelsbanken (SHBa.ST) rose 5.1% after the Swedish bank reported record operating earnings, helped by a jump in interest income. read moreNestle (NESN.S) raised its full-year sales outlook, but the company's CEO raised concerns about the "challenging economic environment" affecting consumers' purchasing power. Register now for FREE unlimited access to Reuters.com RegisterReporting by Amruta Khandekar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Handelsbanken posts record profit as interest income climbs
▼ + stars: | 2022-10-19 | by ( Niklas Pollard | ) www.reuters.com time to read: +3 min

Handelsbanken, whose main markets are Sweden, Norway and Britain, added that its net interest income, which includes revenues from mortgages, climbed to 9.58 billion crowns from 7.59 billion crowns a year ago, well above the 8.67 billion crowns seen by analysts. "Continued good volume growth, on both the private and corporate sides, together with recovering margins, has contributed to improved net interest income and to profits reaching a new all-time high." Meanwhile, commission income dipped to 2.73 billion crowns in the quarter from a year-ago's 2.87 billion crowns - just below forecast - while it booked credit loss reversals of 69 million crowns compared with net losses of 131 million crowns a year earlier. The 150-year-old bank said it made a gain on financial transactions, which include hedging instruments and yielded an unexpected setback earlier this year, of 471 million crowns versus a profit of 534 million crowns a year ago. Total expenses at the bank rose 11% from a year earlier to 5.12 billion crowns.

Chicago-based Framtiden Partnerships, a Swedish Match shareholder for nearly two decades, told Reuters on Wednesday that it opposes Philip Morris' (PMI) proposed takeover of the Stockholm-based company. According to Euromonitor International, Swedish Match controls about half the world's market for snus - a Swedish-style snuff that is moist and smoke-free. Swedish Match has a fragmented ownership base, he said, making it difficult to get a clear overview of how many will accept the deal. 'THREE SHAREHOLDER CAMPS'John Hempton, co-founder of Sydney-based Bronte Capital, is another Swedish Match shareholder who hopes the deal will fall through. The largest shareholders of Swedish Match, which include Wellington Management, Capital Group, BlackRock and Vanguard, all declined to comment on the deal.

☆ Norway to hike rates by 50 basis points this week - Reuters poll
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

A view shows the building of Norway’s central bank (Norges Bank) in Oslo, Norway, June 23, 2022. Of the 30 economists surveyed, 28 predicted Norges Bank will hike by 50 basis points (bps) on Sept. 22 to a rate of 2.25%, the highest level since 2011. A majority of participants in the Reuters poll now say rates will likely hit 2.75% by the end of the year, well above the 2.25% projected by the central bank in June. The central bank last week released a businesses survey indicating a weaker outlook for companies. The Reuters poll predicted that Norges Bank could begin cutting its policy rate in 2024.

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