European Shares Gain After France's No-confidence Vote

(RTTNews) - European stocks hovered near one-month highs on Thursday as President Emmanuel Macron seeks a way out of France's political crisis.

Prime Minister Michel Barnier is expected to resign later today after being ousted in a no-confidence vote over a budget dispute. That makes him the shortest serving prime minister in modern French history.

It is likely that the country will remain without a government for several weeks, if not months, until Macron appoints a new prime minister, who will have to form a new government.

The State budget and the social security budget for 2025 will not be voted on, but the constitution allows special measures that would avert a U.S.-style government shutdown.

The pan European STOXX 600 was up 0.3 percent at 519.16 after rising 0.4 percent on Wednesday.

The German DAX gained 0.3 percent, France's CAC 40 added half a percent and the U.K.'s FTSE 100 was marginally higher.

Shell fell around 1 percent while Equinor rose half a percent after they have announced plans to merge their British offshore oil and gas assets, creating what will become the U.K.'s largest independent energy company.

Unibail-Rodamco-Westfield SE, a French real estate company, added 1 percent after it acquired a 38.9 percent stake in URW Germany GmbH and its related entities from its joint venture partner Canada Pension Plan Investment Board in an off-market transaction.

Vodafone shares rose about 1 percent in London after the country's antitrust authority approved the company's $19 billion merger with Hutchison's Three UK.

Paper and packaging firm DS Smith fell 1.2 percent after reporting declines in half-year revenue and profits.

AstraZeneca rose half a percent as Imfinzi receives FDA approval for limited-stage small cell lung cancer.

Future Plc soared 15 percent after reporting its full-year results for 2-24. Frasers Group plummeted 12 percent as the sportswear and fashion retailer lowered the upper end of its full-year profit forecasts.

French aircraft equipment manufacturer Safran SA plunged 5 percent after issuing new financial targets.

Banks BNP Paribas, Credit Agricole and Societe Generale climbed 2-3 percent on hopes that the government can avoid a shutdown.

Oil firm TotalEnergies added 1.7 percent after RBC upgraded its rating on the stock.

Aurubis AG shares jumped 14 percent after the German supplier of non-ferrous metals and copper recycler reported robust full-year results in a volatile market environment.