January 20, 2021

Politics and Commentary News Aggregator

European Shares Rally On Recovery Hopes

2 min read

European stocks opened on an upbeat note on Monday as the new EU/UK trade deal regulations came into force over the weekend and the U.K. began the Oxford/AstraZeneca vaccine rollout, making another step in the global battle against the pandemic.

Sentiment was also boosted after a survey showed activity in the euro zone manufacturing sector hit its highest level in December last year since May 2018.

IHS Markit’s final euro zone manufacturing purchasing managers’ index rose to 55.2 from 53.8 in November.

Elsewhere in the U.K., a survey showed growth in British manufacturing activity rose to its highest level in three years last month.

The final manufacturing PMI reading for December came in at 57.5 – the highest since November 2017 and slightly above an initial flash estimate of 57.3.

The Stoxx Europe 600 index jumped 1.6 percent to 405.22, led by mining, energy and travel-related stocks.

The German DAX rose 1.3 percent, France’s CAC 40 index gained 1.8 percent and the U.K.’s FTSE 100 was up 2.8 percent.

Anglo-German travel operator TUI AG surged as much as 7.1 percent, while Air France KLM and IAG both rose about 2 percent.

Ahold Delhaize NV rallied 3 percent after commencing the 1 billion euros share buyback program.

Ladbrokes owner Entain Plc jumped 24 percent after receiving an increased offer from U.S. casino operator MGM Resorts.

Miners and energy firms were gaining ground as commodities rose on a weaker dollar.

Anglo American and Glencore both rallied about 6.5 percent, while BP Plc climbed 4.1 percent and Royal Dutch Shell added 3.4 percent.

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Market Analysis

2021-01-04 05:20:10

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