Europe open: Defence stocks rise after missile hits Poland
European stocks fell at the opening as investigations continued into the origin of a missile strike on Poland overnight that killed two people amid a Russian bombardment of Ukraine and investors digested the highest UK inflation figure for 41 years.
The pan-European Stoxx 600 index fell 0.13% at 0821 GMT, with major bourses mixed. Britain’s FTSE 100 gained 0.26% despite the October inflation reading, which came in above expectations.
US President Joe Biden said it was unlikely that the missile strike on Poland came directly from Russia.
"I don't want to say until we completely investigate. It is unlikely in the lines of the trajectory that it was fired from Russia, but we'll see," Biden said.
In the UK, data showed consumer price inflation rose 11.1% in October year-on-year, up from 10.1% in September and the highest rate since 1991. Most analysts had been expecting CPI of around 10.7%.
The rate was pushed higher by higher gas and electricity costs - despite the introduction of the Energy Price Guarantee - and rising food prices.
In equity news, shares in arms manufacturers gained on the missile attack, with BAE Systems, Thales, and Dassault all higher.
Reporting by Frank Prenesti for Sharecast.com