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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Hawkish Powell comments, Omicron worries drag down European stocks

11/30/2021 | 03:32am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* STOXX 600 hits seven-week lows

* Travel & leisure lose 20% in Nov

* Fed's Powell says U.S. inflation may not be transitory

Nov 30 (Reuters) - European stocks fell on Tuesday after U.S. Federal Reserve chair Jerome Powell warned U.S. inflation may not be transitory and as worries about the efficacy of existing vaccines against the Omicron COVID-19 variant weighed on investors.

The pan-European STOXX 600 closed down 0.9%, after having fallen up to 1.6% during the session to seven week lows.

During his testimony to the Senate Banking Committee, Powell said the Fed would use its tools to cool prices, and might consider tapering bond purchases sooner than decided.

The Fed will wait for more details on Omicron before deciding on monetary policy, Powell said, raising further anticipation about the December meeting.

"Another bout of commentary from Jerome Powell over the economic and inflation risks posed by this latest COVID strain highlight how the bank still remains in position to tighten policy further if necessary," said Joshua Mahony, senior market analyst at IG.

The travel and leisure sector led losses in Europe, down 2.8%, taking monthly losses to 20.6% - the worst month since March 2020.

British airline easyJet slid 1.2% after reporting softer demand following the emergence of the Omicron variant.

Pandemic-sensitive sectors slumped last week when the variant was first detected in South Africa, wiping out roughly $2 trillion off the value of global stocks on Friday.

Capping losses on Tuesday were material stocks, rising about 0.1%.

Powell's comments also put the European Central Bank's stance back in focus, especially with German inflation hitting highest in decades. Commentary from ECB members this month showed they are still holding to the transitory inflation narrative.

The STOXX 600 lost 2.6% in November, after rising 4.6% last month.

Among stocks, video games maker CD Projekt plunged 4.6% after its profit fell significantly short of expectations in the third quarter.

Spanish fashion retailer Inditex fell 6.1% after saying that Marta Ortega, daughter of its founder, will replace Pablo Isla, who successfully led the company for a decade.

Money transfer company Wise Plc jumped 7.7%, after it lifted its full-year revenue growth forecast on Tuesday after seeing it jump by a third in the first half. (Reporting by Sruthi Shankar and Anisha Sircar in Bengaluru; Editing by Uttaresh.V, Arun Koyyur and Alison Williams)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CD PROJEKT S.A. -4.30% 178 End-of-day quote.-7.72%
EASYJET PLC 5.23% 635.4 Delayed Quote.8.60%
INDITEX 0.73% 27.56 Delayed Quote.-4.10%
WISE PLC 2.31% 628 Delayed Quote.-18.87%
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Analyst Recommendations on CD PROJEKT S.A.
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Sales 2021 963 M 237 M 237 M
Net income 2021 273 M 67,2 M 67,2 M
Net cash 2021 1 171 M 289 M 289 M
P/E ratio 2021 86,1x
Yield 2021 2,11%
Capitalization 17 410 M 4 285 M 4 292 M
EV / Sales 2021 16,9x
EV / Sales 2022 13,4x
Nbr of Employees 1 177
Free-Float 70,1%
Duration : Period :
CD Projekt S.A. Technical Analysis Chart | CDR | PLOPTTC00011 | MarketScreener
Technical analysis trends CD PROJEKT S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 18
Last Close Price 172,82 PLN
Average target price 156,08 PLN
Spread / Average Target -9,69%
EPS Revisions
Managers and Directors
Marcin Piotr Iwinski Joint Chief Executive Officer
Adam Michal Kicinski President & Joint Chief Executive Officer
Piotr Marcin Nielubowicz Chief Financial Officer & Director
Katarzyna Weronika Szwarc Chairman-Supervisory Board
Piotr Stefan Pagowski Vice Chairman-Supervisory Board
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