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European stocks rise as Evergrande eases concerns

European stocks reportedly rose on Friday after the Evergrande Group funded interest on US dollar bonds, alleviating fears of transmission.

After falling 0.1% on Thursday, the Pan European Stocks 600 rose 0.5% to 472.25.

Germany’s DAX rose 0.6%, France’s CAC 40 index rose 1%, and the UK’s FTSE 100 rose 0.3%.

In corporate news, Swedish mining firm Boliden fell more than 5% after lower-than-expected operating profit in the third quarter.

Hygiene product maker Essity increased by 3% after setting new goals to increase sales.

In London, miners rebounded, Antofagasta rose 3.2% and Rio Tinto rose 1.4%.

The London Stock Exchange fell 3.4% after being warned that “supply chain pressure could affect some timings.” technology Spend this year. “

InterContinental hotels lost 2.7%. According to the hotel chain, revenue per available room is 21% below 2019 levels in the third quarter.

JD Sports Fashion increased 2.4% after acquiring 80% of Greece-based Cosmos Sport SA.

French cosmetics giant L’Oréal surged 6.2% after recording higher-than-expected earnings growth in the third quarter.

Rémy Cointreau added 1.3% after beverage makers forecast “exceptional” current operating profit growth in the first half of fiscal year 2021/2022.

Renault fell 1.4%. Automakers have warned that this year’s production losses will be much higher than previously predicted due to a global chip shortage.

According to IHS Markit, in the economic release, the Flash Eurozone Combined Output Purchasing Manager Index (PMI) fell from 56.2 in September to 54.3, the lowest in six months in October. Flash service PMI dropped from 56.4 to 54.7, also the lowest level in six months.

Elsewhere, the seasonally adjusted IHS Markit / CIPS UK manufacturing PMI unexpectedly improved from the expected 55.8 to 57.7 in October, while the service PMI was against the expected 54.5. It was 58.0.

UK retail sales, including automotive fuel, fell 0.2% month-on-month in September after a 0.6% revision in August, according to the Office for National Statistics. Sales were expected to increase by 0.5%.

Separately, consumer confidence in the UK weakened in October for the third straight month, according to market research group GfK’s findings.

The corresponding index fell from -13 to -17 in September. The expected reading was -16.

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European stocks rise as Evergrande eases concerns

Source link European stocks rise as Evergrande eases concerns

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