May 17, 2021

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European Markets Close Higher As Investors Eye Results, Economic Data

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VIXC Financial and Market News

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European markets closed higher on Monday, with investors picking up stocks amid optimism about upcoming earnings announcements and a slew of economic data due during the course of this week.

Worries about a surge in coronavirus cases in India and Japan and its possibile impact on the pace of global economic recovery limited markets’ upside.

Travel related stocks found support after a top European Union official said on Sunday American holidaymakers who have received a coronavirus vaccine should be able to travel to Europe by summer.

Some of Italy’s coronavirus restrictions are being eased in regions designated ‘yellow’ zones starting today. France plans to ease its lockdown restrictions next month, allowing its citizens to travel within the country.

The pan European Stoxx 600 gained 0.26%. The U.K.’s FTSE 100 climbed 0.35%, Germany’s DAX edged up 0.11% and France’s CAC 40 advanced 0.28%, while Switzerland’s SMI ended 0.34% down.

Among other markets in Europe, Austria, Belgium, Czech Republic, Finland, Greece, Iceland, Ireland, Norway, Poland, Portugal, Russia, Spain and Turkey closed with sharp to moderate gains.

Denmark and Sweden edged up marginally, while Netherlands closed weak.

In the UK market, Rolls-Royce Holdings surged up nearly 6% after the aerospace company said it was in constructive talks with Spain over the sale of its Spanish unit ITP Aero.

Antofagasta, IAG, Melrose Industries, Informa, Evraz, British Land, Glencore, Weir Group, Pearson, Barclays Group, Anglo American and Standard Life gained 2 to 4.3%.

On the other hand, Diageo, Just Eat Takeaway, Coca-Cola, Ocado Group, United Utilities, Taylor Wimpey, Severn Trent and Smith & Nephew closed notably lower.

In the French market, Unibail Rodamco and Societe Generale both gained more than 4%. Airbus Group, BNP Paribas, ArcelorMittal, Accor, Safran, Vinci and Technip gained 2 to 3%.

Credit Agricole gained about 2%. The French lender said late Friday that its Italian subsidiary Credit Agricole Italia SpA now owns around 91.17 percent of Credito Valtellinese’s share capital.

Atos, Pernod Ricard, Teleperformance and Danone ended on a weak note.

In Germany, Lufthansa, Thyssenkrupp, MTU Aero Engines, Deutsche Bank and Covestro gained 2 to 4%. Daimler and BASF also closed notably higher, while Volkswagen, Deutsche Post and SAP ended weak. According to reports, Volkswagen had warned top managers to brace for a bigger production hit in the second quarter due to a global chip shortage.

In economic news, survey results from the ifo Institute showed German business morale improved by less than expected in April amid a third wave of Covid-19 infections and bottlenecks in production.

The business confidence index rose to 96.8 in April from 96.6 in the previous month. The score was forecast to rise to 97.8.

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2021-04-26 13:41:23

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