European stocks break 4-day losing streak driven by banks and oil companies

Published by: MRT

Published on:

European stocks break 4-day losing streak driven by banks and oil companies

For Sruthi Shankar and Shreyashi Sanyal

Sep 13 (Reuters) – European stocks closed higher for the first time in five days on Monday, as oil-linked stocks, banks and utilities rose on hopes that the area’s strong economic recovery euro counteract the risks of a global slowdown.

* The pan-European STOXX 600 Index rose 0.3% after hitting a three-week low last week. Asian stocks, however, fell on news of China’s new regulatory measures against the country’s tech companies.

* Global stocks have been under pressure recently from concerns about inflation, tighter restrictions due to COVID-19 in Asian economies, regulatory moves from China and growing views that central banks will soon begin to reduce stimulus.

* While those concerns persist, European investors were reassured when the European Central Bank last week raised its growth and inflation projections for this year and beyond, at a time when the euro zone economy is recovering faster than the expected impact of the pandemic.

* “While we are used to seeing US markets leading the way, there is a sense that we could see a further recovery for Europe as high vaccination levels keep deaths relatively stable,” said Joshua Mahony, market analyst IG senior.

* Sectors sensitive to the economy, including banks, oil and gas, and construction and materials, increased between 0.9% and 2.8%, while utilities increased 1.6%.

* Among individual stocks, German online pet supplies retailer Zooplus AG rose 9% after Hellman & Friedman raised its takeover offer to € 3.29 billion ($ 3.89 billion) from an initial offering of € 3 billion. of euros.

(Edited in Spanish by Rodrigo Charme)

Article Source

Disclaimer: This article is generated from the feed and not edited by our team.