European stocks rebound with growth optimism

European equities surged on Wednesday after data showed that the eurozone’s private sector continued to grow for the second straight month as manufacturing and services expanded.

The IHS Markit Composite Purchasing Manager index rose from 53.2 in March to 53.8 in April. It was slightly stronger than the preliminary reading of 53.7.

Sentiment was supported even after US Treasury Secretary Janet Yellen downplayed previous comments that rate hikes might be needed to stop rate hikes. Economy Overheating.

After falling 1.4% on Tuesday, the STOXX Europe 600 rose 1.4% to 439.56. Germany’s DAX rose 1.4%, France’s CAC 40 index rose 1%, and the UK’s FTSE 100 rose 1.2%.

Tech stocks rebounded, AMS rose 5.4% and Infineon Technologies rose 2%.

Deutsche Post, a German logistics company, surged nearly 4% after raising its 2021 operating profit forecast.

Daimler fell 2.2 percent after Nissan decided to sell all 1.5 percent of the German automaker’s stake owned by Renault Motors in France.

Fashion house Hugo Boss soared 5.3%. The company expects to double its sales and remains optimistic about generating positive EBIT in the second quarter.

Delivery Hero fell 3.8% after a former owner of Woowa Brothers sold a stake worth around € 1.25 billion ($ 1.5 billion) at an online food ordering company.

Rio Tinto, BHP Group, Glencore and Anglo American plunged 3-4% in London as copper prices rose above the key psychological level of $ 10,000 per ton, supported by the outlook for rising demand. ..

As oil rose overnight, SE totals rose 2.2%, BP Plc rose 1.3%, and Royal Dutch Shell rose 0.9%.

Cleaning product supplier McBride downgraded its annual revenue guidance due to rising input costs and sluggish sales, causing McBride’s share price to plummet by 20%.

The resource management company Veolia Environment is fluctuating and has given up on early profits. The French company said it was ahead of its 2021 objectives and plans to restore its pre-crisis dividend policy in 2021.

Danish wind turbine company Vestas Wind Systems surged 8% after reducing losses in the first quarter and maintaining its 2009 outlook.

Shipping company Maersk rose 3.6% after making record revenues in the first quarter.

Stellantis NV, a new automotive group formed by the merger of Fiat Chrysler and PSA Group, rose 2.8% after reporting higher-than-expected quarterly earnings.

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European stocks rebound with growth optimism

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