European stocks came out of their session lows, despite the release of data showing the smallest rise in manufacturing output since the recovery began in July 2020.

But for the most part, investors appeared to be sitting idly by ahead of several key central bank meetings, including those of the US Federal Reserve and the Bank of England.

“Global growth stocks took a hit this morning after their recent strong advance, but other than a few earnings-related declines, it looks like we only have a brief period of consolidation for equities,†said IG Chief Market Analyst, Chris Beauchamp.

“November, a strong month on average anyway, got off to a good start yesterday as stocks resumed their bullish form from October.”

The pan-European STOXX 600 index fell 0.07% to 478.54, alongside a 0.5% drop in the Spanish Ibex 35 to 9,141.9.

However, the German DAX outperformed with a gain of 0.6% to 15,901.60.

German Bund yields, first month Brent crude oil futures, the euro and base metal prices were all down.

Mining inventories fell due to falling prices for iron ore and copper. Anglo-American, BHP, Glencore, Antofagasta and Rio Tinto everything fell.

This saw the Stoxx 600 Europe core resource company gauge drop 3.10% to 547.14.

According to analysts at SP Angel, the caution in base metals was a result of the increase in Covid-19 infections in China. The broker also pointed to the lower effectiveness of Chinese vaccines, as well as high levels of pollution and high rates of smoking among the population, which could make them more vulnerable to infections.

By the way, they also said the funds are gold, as the collapse of iron ore prompted caution towards other metals.

Asian stocks ended the session overnight, with the Reserve Bank of Australia moving towards a more hawkish policy.

In other equity news, the Asia-focused lender Standard Chartered fell 7.28% despite reporting higher-than-expected profit before tax for the third quarter, helped by lower credit charges.

Online betting group Flutter Entertainment was trading down 6.23% after lowering its annual forecast due to unfavorable sports results and a temporary exit from the Netherlands.

THG was in the wars again, falling 5.34% on the back of reports BlackRock was preparing to sell nearly half of its stake in the company.

Across the ledger, shares in a meal kit delivery company Hello fresh jumped 7.75% after raising its sales forecast for 2021.

On the economic plan, IHS MarkitThe eurozone purchasing managers index was revised up to 58.6 for October, from a preliminary reading of 58.5.

Nonetheless, the survey compiler said supply bottlenecks led to a drastic increase in lead times, with production and new orders falling as a result and with inflation rates pushing new records. .

“Business confidence also lost ground to a one-year low in October, as a growing number of producers worried about the supply situation and the impact of rising costs and prices. price, adding to indications that manufacturers will face difficult months ahead. “

“[…] Average delivery times for raw materials have lengthened at a rate exceeded only twice in nearly a quarter of a century of survey data, as companies once again reported higher demand than supply for a wide variety of inputs and components. “