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European Shares Mostly Higher With Earnings In Focus

asianmarkets3 dec19 12jan21 lt

European shares rebounded on Tuesday as investors braced for the earnings season and focused on the prospect of further fiscal stimulus in the U.S. under Biden Administration.

The pan European Stoxx 600 index edged up 0.2 percent to 409.25 after declining 0.7 percent on Monday.

The German DAX inched up 0.2 percent and France's CAC 40 index was marginally higher while the U.K.'s FTSE 100 was down 0.3 percent on concerns over climbing Covid-19 cases.

Finance Minister Rishi Sunak warned that Britain's economy would get worse before it got better.

Oil majors Total SE and BP were seeing modest gains and Royal Dutch Shell advanced 1.4 percent, tracking a rebound in crude prices.

Danish shipping company Maersk jumped nearly 4 percent on a brokerage upgrade.

Swedish online gaming company Kindred gained 5 percent after the company recorded its 'strongest quarter ever'.

French automaker Renault rose 1.3 percent after saying it has started 2021 with a higher level of orders than in 2019.

Specialty chemicals company Sika AG added 1 percent after confirming its 2023 strategic targets.

In economic releases, U.K. retailers logged the worst year on record for sales growth due to the Covid-19 pandemic, data released by the British Retail Consortium revealed.

In 2020, total retail sales decreased 0.3 percent, the worst annual change since records began in 1995, the BRC said.

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