Monday, 17 June 2024

European stocks rise to two-week high

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European stocks recorded their highest level in two weeks at the opening today, Thursday, after the rise of the Wall Street Stock Exchange in the evening, affected by an unexpected increase in the profits of the Swedish retail giant H & M and alleviating concerns about pressures in the banking sector.

BY 0708 GMT, the European Stoxx 600 index rose 0.6 percent, its highest level since March 13, in the wake of the rise of the main US stock indexes on Wednesday.

According to Reuters, H&M shares jumped 7.3 percent after the world’s second-largest fashion retailer made an unexpected operating profit for the December-February period. However, she warned that the cold weather hindered the overall sales for the spring season.

The sub-index of retail stocks rose 1.8 percent

The European banking sector index rose 0.4 percent, its highest level in a week, as investor confidence was boosted after the sale of the assets of the collapsed Silicon Valley Bank and the acquisition of Credit Suisse.

The real estate sector index rose 2.3 percent, extending its gains, after falling to its lowest level in five months this week.

Danish wind turbine maker Vestas rose 4.9 percent after the company won an order in Brazil.

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