European

Adidas, Telecoms Help European Stocks Eke Out Gains | Investing News

By Sruthi Shankar and Devik Jain

(Reuters) – Europe’s main index hovered near pre-pandemic highs on Wednesday, as a rise in shares of Adidas after an upbeat sales forecast and gains in telecoms stocks outweighed losses in mining and travel sectors.

The pan-European STOXX 600 index edged 0.2% higher after a rally in technology stocks on Tuesday pushed the benchmark to its highest level since February 2020.

Miners, retailers, and travel and leisure companies led the declines in Europe, while telecoms jumped 1.0%.

German sportswear maker Adidas AG jumped 3.4% after it forecast a strong rebound in sales in 2021, particularly in China, the rest of Asia and Latin America following fourth-quarter results.

European markets recorded a strong start to March, with the German DAX hitting an all-time high as investors snapped up so-called cyclical stocks like banks and oil firms on hopes of a strong economic rebound from the

Read More

European Shares Fall on Rising Yield; Miners, Tech Top Drags | Investing News

(Reuters) – A three-day rally in European stocks was clipped on Thursday as a renewed jump in U.S. bond yields hit risk appetite, with heavyweight miners and technology stocks leading the retreat.

The pan-European STOXX 600 index fell 0.5%, with miners dropping 3.4%. UK-listed shares of Rio Tinto and BHP Group shed 5.9% and 5.0% respectively, after their Australia-listed stocks were hit by ex-dividend trading.

Technology stocks, the driver of the market’s rebound from pandemic lows, fell close to 2% on overnight weakness in their Wall Street peers as rising yields turned the spotlight on frothy valuations.

Dutch firm ASML Holding NV dropped 3.1% despite news that it had extended a deal to sell chip manufacturing equipment to China’s largest chipmaker SMIC.

“While one can understand why investors are concerned about valuations in the U.S., particularly around the tech sector… the same can’t be said in Europe where valuations are

Read More

European stocks end choppy session higher on vaccine hopes

By Sruthi Shankar and Julien Ponthus

(Reuters) – Hopes of a COVID-19 vaccine pulled European stocks from losses earlier on Wednesday, after fears of a no-deal Brexit and anxieties relating to the European Union’s recovery fund had weighed on sentiment.

Ending a choppy session, the pan-European STOXX 600 index <.STOXX> rose 0.2%, with blue-chip indexes in Paris <.FCHI>, Milan <.FTMIB> and London <.FTSE> down about 0.2%

Markets on both sides of the Atlantic got a boost as a COVID-19 vaccine developed by Pfizer Inc <PFE.N> and German biotech firm BioNTech <BNTX.O> showed promise and was found to be well tolerated in early-stage human trials.

A series of business surveys released earlier showed broad improvements in manufacturing across Europe and Asia as economies opened up, with IHS Markit’s final euro zone Manufacturing Purchasing Managers’ Index (PMI) moving closer to the 50-mark separating growth from contraction in June.

Improving economic data out

Read More

European stocks surge as cyclicals rally, U.S. jobs data awaited

By Sruthi Shankar

(Reuters) – European shares climbed on Thursday as encouraging economic data from across the globe and hopes of a COVID-19 vaccine lifted sentiment ahead of the crucial U.S. jobs data.

The pan-European STOXX 600 <.STOXX> rose 1.2% to mark its fourth consecutive day of gains. Banks <.SX7P>, automakers <.SXAP> and travel & leisure <.SXTP> firms were the top gainers, jumping between 2.7% and 3.4%.

Financial markets entered the second half of the year on a cheerful note earlier this week, as business surveys showed a coronavirus-induced slump in global manufacturing eased in June.

Adding to optimism, a COVID-19 vaccine developed by German biotech firm BioNTech <BNTX.O> and U.S. pharmaceutical giant Pfizer <PFE.N> was found to be well-tolerated in early stage human trials.

All eyes are on the U.S. payrolls data, due at 1230 pm GMT. Economists have estimated that job numbers rose by 3 million in June,

Read More