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European Shares Inch Higher On Strong US Data

stockmarkets jan11 25nov21 lt

European stocks were seeing modest gains on Thursday as positive data from the United States, including consumer data and jobless claims that hit the lowest level for over five decades, helped offset worries about soaring coronavirus cases across the continent.

Investors, meanwhile, shrugged off data showing that the German economy expanded slightly less than estimated in the third quarter.

Gross domestic product grew 1.7 percent sequentially in the third quarter, instead of 1.8 percent estimated on October 29, revised data from Destatis showed.

The pan European Stoxx 600 rose 0.4 percent to 481.67 after ending flat with a positive bias on Wednesday.

The German DAX gained 0.4 percent, France's CAC 40 index inched up 0.3 percent and the U.K.'s FTSE 100 was up 0.2 percent.

Technology stocks rebounded after recent string of losses. ASM International rallied 2.5 percent and Infineon Technologies rose 0.6 percent.

Swiss Life climbed 3.7 percent after launching a new $1.07 bln share buyback.

Swedish radiation therapy equipment maker Elekta jumped 4 percent after it reported a smaller-than-expected fall in August-October earnings.

Remy Cointreau shares jumped almost 11 percent to a record high in Paris. The wine and spirits company raised full-year profit outlook after first-half net profit attributable to the Group climbed 106.1 percent to 134.0 million euros from last year's 65 million euros.

Jenoptik soared 8.4 percent after the German integrated photonics company said it has signed an agreement to sell the VINCORION division to a fund managed by private equity firm STAR Capital Partnership LLP.

Hochschild Mining jumped as much as 24 percent in London after the precious metals company said it can continue operations in southern Ayacucho, Pallancata and Inmaculada mines in Peru under the existing legal framework following clarification from Peruvian Government.

Vivo Energy shares climbed 20 percent. The African retailer of shell and engen-branded fuels and lubricants announced its agreement to be acquired by Vitol Group for $1.85 or 139 pence in cash for each Vivo Share.

Mothercare shares rose about 1 percent. The specialist brand for parents and young children reported a profit in its first half, compared to last year's loss.

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