European stocks fall due to data encouragement, bargain hunting

European stocks closed higher on Wednesday, with data showing busy bargain hunting at several counters and improving consumer sentiment in Germany.

Investors have been waiting for the minutes to come from the latest Federal Reserve Board policy meeting to get more clues about the pace of tightening.

The Pan-European STOXX 600 rose 0.63%. The UK FTSE 100 rose 0.51%, the German DAX rose 0.63%, the French CAC 40 rose 0.73% and the Swiss SMI rose 0.07%.

Above all market Europe, Austria, Belgium, the Czech Republic, Finland, Greece, Ireland, the Netherlands, Norway, Portugal, Russia, Spain and Turkey ended with a sharp to moderate rise.

Denmark, Poland and Sweden closed weakly, but Iceland rose slightly.

In the UK market, SSE surged 5.75% after reporting a surge in annual profits. Rolls-Royce Holdings increased 4.3%, WPP, Kingfisher, Imperial Brands, Associated British Foods, Perthing Square Holdings, British American Tobacco, Light Move, IAG, Coca-Cola HBC, Auto Trader Group, Anglo American Plc, Scottish Mortgage 2 3.5 %.

JD Sports Fashion has fallen by more than 6%. Severn Trent, Prudential, United Utilities, Endeavor Mining, Fresnillo, Avast, Relx and Tesco lost 1-2.5%.

In the German market, HelloFresh rose 5%. Continental, RWE, HeidelbergCement, Covestro, BASF, Deutsche Bank, Deutsche Post, Volkswagen, Puma, E.ON, Fresenius Medical Care, MTU Aero Engines, BMW and Deutsche Telekom increased by 1-2.3%.

Nordex fell 17%, partly due to restructuring costs and the impact of the war in Ukraine, after wind turbine makers lowered their outlook this year.

In Paris, Faurecia rose 5.7%. Saffron rose nearly 3% and Air France-KLM rose 2.75%. Renault, Airbus, Crédit Agricole, Worldline, Veolia, Saint-Gobain, ArcelorMittal, Legrand, Michelin and Engie have also skyrocketed.

Sodexo fell nearly 5% and Societe Generale fell about 2.7%.

Germany’s consumer sentiment readings have risen from a record low in May, according to a report by market research group Gfk. According to Gfk, the positive consumer sentiment index rose from -26.6 in May to -26.0 in June. The latest survey was conducted from May 5th to 16th.

Germany’s Economy Moderate growth was recorded in the first quarter as investment growth was partially offset by exports and shrinking household spending. Detailed data on the Destatis was shown on Wednesday.

Gross domestic product increased by 0.2% in the first quarter, in contrast to the 0.3% decrease seen before the quarter.

Although mild, the expansion helped the economy avoid a technological recession.

On an annual basis, GDP rose 4.0% price-adjusted, faster than the 1.8% growth registered in the fourth quarter.

Consumer confidence in France weakened unexpectedly in May, but not as sharply as in the last two months, according to a survey by the Statistics Bureau INSEE.

The consumer confidence index dropped slightly from a correction of 87.0 in April to 86 in May. Economists expected the index to improve to 89.

The index fell for the fifth straight month, below the long-term average of 100.

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European stocks fall due to data encouragement, bargain hunting

Source link European stocks fall due to data encouragement, bargain hunting

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