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European stocks are optimistic for growth and have a higher edge

European stocks rose on Monday as expectations for a strong eurozone economic recovery outweighed concerns over new regulatory crackdowns on Chinese companies.

After falling 0.3% on Friday, the Pan-European STOXX 600 rose 0.4% to 468.27. Germany’s DAX rose 0.7%, France’s CAC 40 index rose 0.4%, and the UK’s FTSE 100 rose 0.5%.

German online pet supplies retailer Zooplus AG surged 8.3%. Zorro Bidco, a holding company managed by a fund advised by Hellman & Friedman, has raised its takeover offer from an initial € 3 billion to € 3.29 billion ($ 3.89 billion).

Patrizia AG, a global real wealth partner, has skyrocketed by more than 8%. The company has signed a share purchase agreement for a transformative acquisition of Whitehelm, an independently owned infrastructure manager.

Reinsurer Hannover Reinsurance rose 1.5% in various renewal rounds in 2022 after saying it expects price increases and non-life reinsurance conditions to continue to improve. ..

United Internet fell 3.3%. According to the company, the board of directors resolved to end the share buyback program early at the end of September 2021.

Valneva shares plummeted 33%. The British government has canceled a vaccine supply contract with a French biotechnology company, alleging a breach of duty that Valneva denies.

Oil and gas inventories rose, BP Plc rose 1% and Royal Dutch Shell rose 1.4%. This is because oil prices hit a week-long high due to supply concerns in the United States.

Babcock, an engineering services company, rose 3% after agreeing with Equitics Investment Management Limited to sell a 15.4% stake in Air Tanker Holdings Limited for £ 126m.

SThree Plc, Pure Specialist Staff jobs, 6.5% surge. The company expects 2021 profit performance to be significantly higher than the consensus.

Associated British Foods fell 3% after lower-than-expected fourth-quarter sales in the Premark Fashion business.

In an economic announcement, Destatis reported that Germany’s wholesale prices rose at the fastest pace since August 1974 amid soaring prices for raw materials and intermediate products.

Wholesale prices rose 12.3 percent on an annual basis, following 11.3 percent in July. This was the strongest growth since the first oil crisis in October 1974, when prices rose 13.2%.

The dollar traded well in European trading ahead of a significant US consumer price reading scheduled for later this week.

US producer prices announced on Friday showed inflationary pressure, leading to the largest annual rise in almost 11 years.

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European stocks are optimistic for growth and have a higher edge

Source link European stocks are optimistic for growth and have a higher edge

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