European Stocks Close Higher Again

RTTNews | 819 days ago
European Stocks Close Higher Again

(RTTNews) - European stocks closed higher on Thursday, with most of the markets in the region rising for a fourth successive session, amid rising hopes the U.S. Federal Reserve will soften its tightening cycle in the wake of recent weak economic data.

Strong China exports data contributed as well to the positive sentiment in the market. China reported a 14.8% jump in exports in March (year-on-year), the first growth in six months. The annual growth was more than double the 6/8% increased logged in the first two months of the year.

The pan European Stoxx 600 climbed 0.4%. The U.K.'s FTSE 100 gained 0.24%, Germany's DAX edged up 0.16% and France's CAC 40 surged 1.13%, while Switzerland's SMI ended higher by 0.24%.

Among other markets in Europe, Belgium, Czech Republic, Denmark, Finland, Greece, Ireland, Poland, Portugal, Russia, Spain and Sweden closed higher.

Iceland and Turkiye ended weak, while Austria,Netherlands and Norway closed flat.

In the UK market, Antofagasta, Burberry Group, Barratt Developments, Auto Trader Group, Taylor Wimpey, Berkeley Group Holdings, Melrose Industries, Endeavour Mining, Flutter Entertainment, Entain, Fresnillo and Hiscox surged 1.4 to 3%.

Persimmon ended lower by 3.45%. Unite Group, Lloyds Banking Group and Smurfit Kappa Group drifted down 2.5 to 3%. Hargreaves Lansdown, British American Tobacco, Ocado Group and Imperial Brands also declined sharply.

In Paris, LVMH rallied 5.7% after the luxury giant said its first-quarter revenue grew by 17%, more than double analysts' expectations, as China emerged from COVID lockdowns.

Hermes International, Kering, L'Oreal and Essilor gained 2.5 to 3.1%.

Renault, Publicis Groupe, Michelin, Eurofins Scientific, Vinci, ArcelorMittal and BNP Paribas also closed higher.

Alstom tumbled more than 5%. Carrefour ended 1.7% down and Capgemini lost around 1.25%.

In the German market, Merck surged about 3.5%. Zalando climbed 2.5%, while Infineon Technologies, Puma, Bayer, Fresenius Medical Care and Symrise gained 1 to 2%.

Covestro declined more than 2%. BASF, SAP, Deutsche Bank, Siemens and RWE also closed weak.

In economic news, Germany's consumer price inflation eased markedly in March to the lowest level in seven months, as initially estimated amid a sharp slowdown in energy costs, official data showed.

The consumer price index climbed 7.4% year-over-year in March, slower than the 8.7% rise in February, final data from Destatis revealed.

The latest inflation rate was in line with flash data published on March 30.

Data released by Eurostat showed industrial production in eurozone grew by 1.5% in February after rising 1% in January. This was the second consecutive increase in output. Production was forecast to grow again by 1% in February.

On a yearly basis, industrial production logged a faster growth of 2% after January's 0.9% increase. Economists had forecast an annual increase of 1.5%.

The UK economy stagnated in February as strikes dampened services output but the growth for January was upwardly revised, tapering the possibility of a recession in the first half of the year.

Real gross domestic product showed no growth in February, following a revised 0.4% expansion in January, the Office for National Statistics reported Thursday. GDP was forecast to remain flat. Growth for January was revised up from 0.3%.

In the three months to February, GDP gained only 0.1%, confounding expectations for a nil growth. GDP was 0.3% above its pre-coronavirus levels.

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