Major European markets close higher for the second day in a row
European stocks closed higher on Thursday, extending gains from the previous session as investors reacted favorably to the minutes of the Federal Reserve’s latest policy meeting and the announcement of fiscal stimulus by Britain’s Foreign Minister. Finance.
UK Finance Minister Rishi Sunak today announced a series of fiscal support measures for households hit by soaring bills, funded in part by the new windfall tax on oil and gas company profits.
The pan-European Stoxx 600 index climbed 0.78%. Britain’s FTSE 100 gained 0.56%, Germany’s DAX rose 1.59% and France’s CAC 40 jumped 1.78%. The Swiss stock exchange was closed for the Ascension Day holiday.
Among others markets in Europe, Austria, Finland, Greece, Ireland, the Netherlands, Norway, Poland, Portugal, Russia, Spain and Turkey closed sharply higher.
Belgium and Iceland advanced slightly, while the Czech Republic and Denmark finished weak.
In the UK market, Ocado Group shares soared 11.5%, buoyed by Rishi Sunak’s stimulus announcement. News about the company’s expanding partnership with US retailer Kroger also helped the stock rise sharply.
Intermediate Capital Group, B&M European Value Retail, Next, JD Sports Fashion Group, Scottish Mortgage and Melrose Industries gained 5-7.6%.
Burberry Group, Associated British Foods, Royal Mail, Persimmon, Rolls-Royce Holdings, Hargreaves Lansdown, Airtel Africa, Whitbread, Taylor Wimpey, ABRDN, RS Group, IHG and RighMove also posted strong gains.
United Utilities fell more than 6.5%, weighed down by a drop in full-year profits.
Johnson Matthey lost around 3.7%. The specialty chemicals and sustainable technologies company has agreed to sell some of its battery materials Business cathode active materials and chemicals producer EV Metals Group Plc for GBP 50 million in cash plus a minority stake in the acquirer.
SSE, Severn Trent, National Grid and Imperial Brands lost 2.2 to 4.6%. BT Group lost about 2.5% after news that Britain’s business secretary will launch a national security review of a deal struck by the telecoms group’s biggest shareholder, Patrick Drahi, to increase its stake in BT to 18%.
On the French market, Faurecia and Valeo each gained more than 6.5%. WorldLine, Safran, Sodexo, LVMH, Airbus Group, Accor, Kering, Renault, Vinci, ArcelorMittal, Atos and Crédit Agricole gain 3 to 5%.
Unibail Rodamco, Michelin, Dassault Systèmes, Publicis Groupe, STMicroElectronics, L’Oréal, Veolia and AXA also rebounded strongly.
In Germany, HelloFresh, Puma, Continental, Infineon Technologies, MTU Aero Engines, Bayer, Siemens, BASF, Adidas, BMW, Volkswagen and Zalando gained 2-6%.
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