European stocks bounce off three-week lows as Reuters rises in utilities

© Reuters. The German Stock Index DAX Graph was taken on November 25, 2021 on the Frankfurt Stock Exchange in Frankfurt, Germany. REUTERS / Staff

By Sruthi Shankar and Shreyashi Sanial

(Reuters)-European stocks rose Thursday as investors bought into defense sectors such as utilities amid concerns about a surge in coronavirus cases across the continent.

The European index rose 0.4%, rebounding from Wednesday’s hit three-week lows. Utilities and healthcare stocks, sectors that are considered safe bets during times of uncertainty, were one of the top gains.

Utilities that paved the way were also backed by Germany’s push to strengthen climate protection, including faster expansion of renewable energy and accelerated coal emissions.

Technology stocks rose 0.6%, the first rise in six days, after rising bond yields hit the high-growth sector earlier this week.

Strong economic data helped close Wall Street on Wednesday and supported markets around the world after fears that accelerated US rate hikes had reduced global sentiment.

Thanksgiving holidays in the United States continued to cover activities elsewhere on Thursday.

“The European market is having a relatively bright day, with volatility dropping to closing prices due to the lack of US involvement,” Joshua Mahony, senior market analyst at IG, said in a client note.

Coronavirus infections have broken records in parts of Europe, reminding us that the continent is once again at the epicenter of the pandemic, creating a new curb.

Italy has tightened the screws of those who do not want to be vaccinated with the COVID-19 vaccine, but France has stated that face masks will be re-mandated in many places, especially indoors, to contain a new wave of infection. rice field.

“The increase in COVID remains an important concern for the continental European economy, but we have seen such and both steadily progressing,” Mahony added.

Earlier data showed that Germany’s economic expansion in the third quarter was weaker than expected and consumer sentiment ahead of the Christmas shopping season was dull.

Rémy Cointreau hit a record high of 13.4% after raising its full-year earnings outlook as strong demand for premium cognac resulted in higher-than-expected operating profit in the first half of the year.

rival Pernod Ricard (PA :) Increased by 2.5% while listed on London Diageo (LON :) Increased by 1.0%.

Radiation therapy equipment maker Elekta increased 5.7% after reporting lower-than-expected earnings from August to October amid growing needs for cancer and radiation therapy.

Swiss Life has increased by 3.6% after announcing a new repurchase of CHF 1 billion ($ 1.07 billion) and an increase in the dividend payment ratio.

Norway’s Adevinta, the world’s largest classified advertising company, fell 7.2% after lower-than-expected revenue in the third quarter.

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European stocks bounce off three-week lows as Reuters rises in utilities

Source link European stocks bounce off three-week lows as Reuters rises in utilities

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