European stocks rise despite fears of tapering acceleration

European stocks rose on Wednesday as rising commodity prices contributed to the rise in miners and energy stocks as concerns about the new Covid-19 variant eased.

Banks also traded higher after the Federal Reserve showed a faster tapering of bond purchases.

In the economic release, Eurozone PMI manufacturing was confirmed at 58.4 in November, up slightly from 58.3 in October.

The UK manufacturing PMI confirmed at 58.1 against an estimated 58.2, but Germany reported disappointing retail sales data amid rising price pressures and supply bottlenecks.

After falling 0.9% on Tuesday, the Pan-European Stocks 600 rose 0.9% to 466.91.

Germany’s DAX rose 1.2%, France’s CAC 40 index rose 1%, and the UK’s FTSE 100 rose 1.3%.

Husqvarna, the world’s largest manufacturer of power gardening tools, increased 2.2% after raising its sales and profit targets.

Fresenius Medical Care AG, a German healthcare company, rose 1.3% after announcing a series of changes to its board of directors on January 1, 2022.

Commerzbank, Deutsche Bank, BNP Paribas and Crédit Agricole rose 2-4%, further cyclical.

Swiss bank UBS increased 1.6% after hiring former JP Morgan Chase executive Sarah Youngwood as Group Chief Financial Officer.

Anglo American and Glencore soared 3-4 percent as copper prices rebounded.

BP Plc rose 3.3% and Royal Dutch Shell rose 2.8% as oil prices rose prior to the OPEC meeting where major producers discussed ways to meet potentially low demand against the backdrop of Omicron.

Insurance company Aviva rose 2.2% after announcing the sale of Aviva Poland’s unit to German peer Allianz SE for € 2.5 billion in cash.

Gambling company 888 Holdings has risen by more than 2% after obtaining a provisional sports betting license from Virginia Lottery.

Sanofi rose about 1%. French pharmaceutical giant announced that it has signed an agreement to acquire Austrian privately owned biotechnology company Origimm Biotechnology GmbH. The acquisition is expected to close in early December 2021.

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European stocks rise despite fears of tapering acceleration

Source link European stocks rise despite fears of tapering acceleration

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