Closure of Europe: equities improve in “lackluster market”
European stocks finished slightly ahead on Wednesday as investors bided their time before the release of the all-important monthly US non-farm wage report, due at the end of the same week.
“The markets are advancing steadily this afternoon, although a lack of macro drivers has left things a bit boring,” said IG Chief Market Analyst, Chris Beauchamp.
“However,” never bypass a dull market “is a key adage for investors and traders, and remains an important principle to remember, especially when the urge to” sell in May (or June) and go “remains. so widespread. “
Beauchamp also pointed to recent remarks by US central bank officials that appeared to have allayed inflation fears in the US Treasury market.
The pan-European STOXX 600 index rose 0.28% to 451.34, the German DAX was up 0.23% to 15,602.71.
Gains for the latter came despite the release of data showing German retail sales fell much more than expected in April as new Covid-19 restrictions were introduced.
The Parisian Cac-40 meanwhile climbed 0.49% to 6,521.52.
Energy stocks performed well on the rise in crude oil prices after OPEC producers maintained their plans to resume oil supplies to markets in June and July.
First month Brent crude oil futures rose 1.31% to $ 71.17 on the ICE.
In the stock news, the shares of the Swedish car and truck maker Volvo rose after the company’s board of directors proposed that the proceeds from the sale of UD Trucks be distributed to shareholders.
Danish luxury television and stereo manufacturer Bang & Olufsen jumped 10% after optimistic earnings forecasts for the full year.
Low cost carrier focused on Eastern Europe Wizz Air recovered the initial losses even after reporting a net loss of € 576 million for the year as revenue and passenger numbers plunged amid the coronavirus pandemic. The company also said it will record another loss in 2022 unless travel restrictions are lifted quickly and permanently.
Italy Interpompe Group climbed 6.3% to lead the Stoxx 600 after an acquisition announcement.
German House of Mass Media ProSiebenSat.1 slipped 1% after chief executive Rainer Beaujean said he “doesn’t need any outside help” amid calls to consolidate the European broadcasting industry.