European shares muted, UK outperforms as China-exposed stocks jump

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By Bansari Mayur Kamdar

(Reuters) - European shares were subdued on Wednesday, while UK's FTSE 100 outpaced peers after a long Christmas holiday weekend as investors assessed Beijing's steps towards reopening its COVID-battered economy.

The region-wide STOXX 600 was flat as of 9:31 GMT, while the FTSE 100 (FTSE) advanced 0.7% as commodity-linked and China-exposed stocks jumped in early trading. The UK market, which was closed for holidays since its half-day trading on Friday, is playing catch-up, analysts said.

The FTSE 100 index has benefited this year from its exposure to commodities as prices of oil and base metals have rallied amid the Russia-Ukraine war.

"The UK index could end the year in positive territory despite the broad pressures on global equity markets, weighed down by rising interest rates, inflation, and the threat of recession," said Victoria Scholar, head of investment at Interactive Investor.

Miners jumped 1.0% as copper prices rallied on hopes of a demand recovery in the world's second-largest economy after China further eased its stringent COVID curbs on Monday.

London-listed financials exposed to China such as insurer Prudential and HSBC added 2.6% and 1.3%, respectively.

Meanwhile, STOXX 600 was headed for an annual loss of 12.2% as concerns about an economic recession due to aggressive monetary policy tightening by central banks globally weighed on the European index.

The technology sector weighed on STOXX 600 on Wednesday, tracking the overnight fall in U.S. peers as rising yields pressured the interest rate sensitive shares, a recurring theme this year.

Tech shares have fallen nearly 28.4% so far in 2022.

Germany's Infineon (OTC:IFNNY) fell 1.1% amid broader tech moves and after Chief Executive Jochen Hanebeck said it is ready to spend several billion euros on the right takeover target as it searches for acquisitions.

Ireland's stock market (ISEQ), which was also closed since its half-day trading on Friday, slipped 0.1%.

Traders and analysts said thin trading volumes also influenced market moves.

China-exposed luxury firms extended gains, with Kering (EPA:PRTP) and Richemont rising 0.2% and 0.8%, respectively.

Italy's antitrust regulator said on Tuesday it had opened an inquiry into possible price-fixing for flights in and out of Sicily by airlines including Ryanair, Wizz Air and easyJet (LON:EZJ). Shares of the airlines fell between 1.2% and 2%.

"2022 was meant to be the year of the comeback for international travel with a major pick-up in demand post pandemic," added Scholar.

"However there have been serious challenges with baggage handling, cancellations, the war in Ukraine, strikes and general disruption which have prompted these stocks to slide year-to-date, resulting in another difficult year for the airline industry."

EasyJet denied any wrongdoing in a statement to Reuters.