European Shares Rebound On China Recovery Hopes
(RTTNews) - European stocks rose on Wednesday to snap a four-day winning streak after data showed profits at China's industrial firms in August posted a surprise surge of 17.2 percent from a year earlier.
Also, China is expected to achieve economic growth of slightly more than 5 percent this year and there is no basis for the feared 'Japanification', an adviser to the central bank told an Economic Forum.
Meanwhile, investors shrugged off the results of a GfK institute survey showing that German consumer confidence is unlikely to recover in 2023 amid persistently high inflation.
The forward-looking consumer climate index fell to -26.5 in October, from a revised lower -25.6 the prior month.
The pan European STOXX 600 was up 0.2 percent at 448.42 after declining 0.6 percent on Tuesday.
The German DAX and the U.K.'s FTSE 100 were marginally higher, while France's CAC 40 edged up 0.2 percent.
H&M Group shares jumped 3.7 percent. The Swedish retailer said it would buy back the company's own B shares for 3 billion kronor starting from September 27.
Netherlands' largest insurer NN Group plunged 12 percent. The company said that there could be "substantial" financial consequences for the company after an unfavorable court ruling.
Rival Dutch insurance firm ASR Nederland fell over 7 percent and Aegon gave up 2.5 percent.
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