Written by 4:19 pm EU Investment

Europe close: Stocks fail to rise at year’s end

European shares were lower on the final trading day of a brutal 2022 that saw equities battered by post-pandemic inflation and the Russian invasion of Ukraine.

The pan-regional Stoxx 600 was down 0.98% to 426.15.

In parallel, the Dax gave back 1.05% to 13,923.59 while the Cac-40 was 0.98% lower at 6,508.96.

The year saw Russia’s unprovoked invasion of Ukraine, which in turn helped to fuel post-Covid pandemic inflation, which pushed global interest rates higher, which created a cost-of-living crisis that has seen consumers struggle to pay bills, which added up to a battering for equities.

US stocks thumbed their collective nose at 2022 with a rally on Thursday as some investors went bargain hunting – but were again moving lower on Friday.

Crude oil prices were steady at $84.05 a barrel despite a surge of Covid cases in China which had exacerbated fears of a global economic downturn.

There were no major corporate news to report. The UK government was still prevaricating over whether to demand negative Covid test results from an expected influx of travellers from China. The US, Italy and Japan have already imposed the requirement.

In equity news, UK housebuilders Barratt and Taylor Wimpey were both lower after mortgage lender Nationwide said house prices fell to a 14-year low in December.

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