Royal Dutch Shell Stock – European Shares Rebound On Growth Optimism
(RTTNews) – European stocks rose sharply on Wednesday after data showed Eurozone private sector growth continued for second consecutive month as manufacturing and services industries expanded.
The IHS Markit composite purchasing managers’ index rose to 53.8 in April from 53.2 in March. That was slightly stronger than a preliminary reading of 53.7.
Sentiment was also underpinned after U.S. Treasury Secretary Janet Yellen downplayed earlier comments that rate hikes may be needed to stop the economy overheating.
The pan European Stoxx 600 rallied 1.4 percent to 439.56 after losing 1.4 percent on Tuesday. The German DAX climbed 1.4 percent, France’s CAC 40 index gained 1 percent and the UK.’s FTSE 100 added 1.2 percent.
Tech stocks rebounded, with AMS climbing 5.4 percent and Infineon Technologies rising 2 percent.
German logistics company Deutsche Post jumped nearly 4 percent after lifting its operating profit forecast for 2021.
Daimler dropped 2.2 percent after Nissan Motor decided to sell all 1.54 percent of shares in the German carmaker owned by Renault Motors in France.
Fashion house Hugo Boss surged 5.3 percent. The company expects to double sales and remains optimistic of generating a positive EBIT in the second quarter.
Delivery Hero tumbled 3.8 percent after former owners of Woowa Brothers sold shares worth about 1.25 billion euros ($1.5 billion) in the online food ordering company.
Rio Tinto, BHP Group, Glencore and Anglo American jumped 3-4 percent in London as copper prices rose past a key psychological level of $10,000 a ton, supported by prospects for higher demand.
Total SE rallied 2.2 percent, BP Plc gained 1.3 percent and Royal Dutch Shell added 0.9 percent as oil extended an overnight rally.
McBride shares plunged 20 percent as the cleaning product supplier McBride downgraded its annual earnings guidance, citing rising input costs and weaker sales.
Resource management firm Veolia Environnement was fluctuating, giving up initial gains. The French company said it is ahead of 2021 objectives and plans to recover the pre-crisis dividend policy in 2021.
Danish wind turbine company Vestas Wind Systems soared 8 percent after narrowing its Q1 loss and maintaining FY21 views.
Shipping company Maersk climbed 3.6 percent after it booked record earnings in the first quarter.
Stellantis NV, the new auto group formed from the merger of Fiat Chrysler and PSA Group, rallied 2.8 percent after reporting better-than-expected quarterly revenue.
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