Bank-led rise in European stocks

European stocks rose on Thursday after another report showed business Confidence in Germany and France is growing.

The Business Environment Index of the Ifo Institute for Economic Research in Germany rose from 99.2 last month to 101.8 in June. The score was expected to rise moderately to 100.6.

According to ifo, both current ratings and expectations improved in June.

According to French statistics agency INSEE, the monthly business sentiment index rose from 108 to 113 in May, reaching its highest level since July 2007 as deregulation of COVID unleashed the boom in the services sector. did.

The Manufacturing Confidence Index was stable at 107 in June, but the score was projected to rise to 109. This was the highest joint score since August 2018.

Meanwhile, with conflicting signals from Fed officials on interest rate outlooks, traders were waiting for the Bank of England’s policy announcement later that day, seeking further direction.

The Monetary Policy Committee is widely expected to keep key rates at a record low of 0.10% and quantitative easing programs at £ 895 billion.

Investors will pay close attention to the tone of inflation and the outlook for interest rates.

The Pan-European STOXX 600 rose 0.8% to 456.48 after falling 0.7% on Wednesday.

Germany’s DAX rose 0.9%, France’s CAC 40 index rose above 1%, and the UK’s FTSE 100 rose 0.2%.

Commerzbank, Deutsche Bank, BNP Paribas, Credit Agricole, Societe Generale, Lloyds Bank and Barclays rose 1-2% as bond yields recovered.

German industry giant Siemens fell 0.7% after presenting a new growth strategy.

Swiss laboratory equipment maker Tecan Group surged 11% after announcing the acquisition.

888 Holdings rose 1.4% in London. Online game operators have announced an exclusive partnership with Authentic Brands Group to develop online sports betting and iGaming products for Sports Illustrated in the United States.

Bunzl added 0.8%. According to the Distribution and Outsourcing Group, Group revenues in the first half are expected to increase by approximately 1% on a reported basis and 6% to 7% at constant exchange rates.

French speed train maker Alstom SA rose 0.6%. The company has signed a contract with Deutsche Bahn’s DB Regio AG worth around € 130 million.

Retailer Carrefour rose 0.9% after announcing plans to rebuild its overseas units.

Airbus rose about 1 percent, despite regulatory demands for stricter checks when pulling some Airbus jets out of pandemic storage.

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Bank-led rise in European stocks

Source link Bank-led rise in European stocks

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