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European stocks rise due to increased exports in July

European stocks rose on Thursday, despite weak takeovers from Asia, where the Evergrande Group’s debt crisis and Beijing’s recent move to curb private industry hurt sentiment.

Sentiment was pushed up after data showed in July that the eurozone trade surplus increased due to increased shipments.

According to Eurostat’s initial estimates, the trade surplus increased from 11.9 billion euros in June to 13.4 billion euros seasonally adjusted. Exports increased by 1% month-on-month, but imports increased by only 0.3%.

On an unadjusted basis, commodity exports recorded annual growth of 11.4% and imports recorded an increase of 17.1%.

Investors are waiting for US retail sales and unemployment claims data later in the session to get more clues as to when the Federal Reserve will tighten monetary policy.

European Central Bank Governor Christine Lagarde will speak at 1200 GMT.

The Pan-European STOXX 600 rose 0.7% to 467.20 after falling 0.8% on Wednesday.

Germany’s DAX rose 0.6%, France’s CAC 40 index rose above 1%, and the UK’s FTSE 100 rose 0.5%.

Lagardère’s stake surged 20% in Paris after Vivendi agreed to buy a 17.9% stake in activist investor Amber Capital’s French media and retail group.

Defense firm Thales added 1.3% after maintaining its 2021 financial target.

Regional automakers saw a slight loss as industry data showed that European passenger car registrations declined in August and July after four months of accelerated growth.

German chemical giant BASF rose 1.1% after announcing a strategic partnership with China’s energy technology Company Contemporary Amperex Technology Co.

Wacker Chemie AG increased by 1%. The chemical company has once again raised its year-round guidance on sales and EBITDA because of its sustained good performance. jobs..

Food and beverage company GEA Group AG rose nearly 2% after receiving an order from Novozymes, a Danish-based biotechnology customer, for a new functional protein plant in Nebraska, USA.

Ryanair Holdings surged 6.3% in London after low-cost carriers raised their traffic forecasts over the next five years. EasyJet rose 3.8% and British Airways owner IAG rose 3.2%.

Rio Tinto fell nearly 2% as a major mining company issued a statement on a penalty valuation by the Australian Tax Office in connection with the isolated borrowing used to pay intra-group dividends in 2015.

Wicks rose 2%. Renovation retailers have raised their annual profit forecasts in the wake of good performance in the first half of the year.

Rental equipment provider Ashtead Group rose 3.6% after raising its full-year earnings outlook.

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European stocks rise due to increased exports in July

Source link European stocks rise due to increased exports in July

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