European stocks log worst month since September 2022

European markets logged the worst monthly performance since September 2022 in October, despite making gains on the last day of the month, as investors assess a flurry of economic data and earnings.

The regional Stoxx 600
ended 0.6% higher, with sectors mostly higher. The index has shed more than 4% in October, according to LSEG data.

Oil and gas stocks were down 0.8% as BP???s London-listed shares closed 4.5% lower after it missed third quarter estimates. Brewers AB InBev and Carlsberg
both reported lower sales yet higher revenue for the period due to pricing offsets.

Euro zone inflation fell to a two-year low of 2.9% in October, preliminary data showed Tuesday. Economists polled by Reuters expected 3.1%.

Meanwhile, statistics agency Eurostat said the euro zone economy contracted by 0.1% in the third quarter, below a forecast of stagnation.

The readings come after the European Central Bank last week paused its record run of 10 consecutive interest rate hikes.

In Asia-Pacific markets, Japanese stocks ended higher after the Bank of Japan???s monetary policy decision, while other regional markets fell as manufacturing activity unexpectedly contracted in China.

In the U.S. the S&P 500 was little changed , with stocks set to close out a dismal month that saw Treasury yields surge to multiyear highs. The broader index dipped 0.08%, while the Nasdaq Composite was down by 0.29%. The Dow Jones Industrial Average fell by 53 points, or 0.18%.

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Vodafone to sell Spanish operations for $5.3 billion
Telecoms group Vodafone
announced Tuesday it has entered a binding agreement with Zegona Communications for the 5 billion euro ($5.3 billion) sale of its Spanish business.

The deal for 100% of Vodafone Spain comprises 4.1 billion euros in cash and up to 900 million euros in Redeemable Preference Shares, which allow the repayment of principal share capital to shareholders.

Vodafone CEO Margherita Della Valle said in a statement: ???The sale of Vodafone Spain is a key step in right-sizing our portfolio for growth and will enable us to focus our resources in markets with sustainable structures and sufficient local scale.???

Vodafone Group shares were 1% lower at 2:15 p.m. London time. Trading of Zegona Communications shares was suspended on Sept. 22.

??? Jenni Reid


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