European Shares Rebound After Thursday’s Selloff
European stocks advanced on Friday after a selloff in the previous session following ECB’s hawkish surprise, as soaring inflation outweighs concerns about Russia’s invasion of Ukraine.
The pan European Stoxx 600 climbed 0.6 percent to 429.86 after declining 1.7 percent in the previous session.
The German DAX jumped 1.2 percent, France’s CAC 40 index rose half a percent and the U.K.’s FTSE 100 was up 0.9 percent.
Italian fashion group Tod’s jumped 4 percent. The company expressed optimism for 2022 after swinging to an operating profit in 2021 on higher sales.
Lanxess AG shares rose more than 3 percent. The German specialty chemicals company reported a decline in earnings for the full year while sales improved from last year.
Fraport AG shares were up 1.7 percent. Frankfurt Airport said it welcomed some 2.1 million passengers in February 2022, an increase of 211.3 percent from a year ago.
French ophthalmic company EssilorLuxottica added 3.6 percent. The company reported that its net profit attributable to owners of the parent for fiscal year 2021 climbed to 1.46 billion euros from last year’s 85 million euros.
Berkeley Group gained 1.3 percent in London. While issuing a trading Update for the period from 1 November 2021 to 28 February 2022, the property developer and housebuilder said the Group remains on track to meet its earnings guidance for the year ending 30 April 2022, and the subsequent three years.
Roofing and insulation supplier SIG surged 5.2 percent after narrowing its annual loss.
In economic releases, German consumer price inflation rose to 5.1 percent in February from 4.9 percent in January, final results from the statistical office Destatis revealed. The rate matched the flash estimate published on March 1.
U.K. GDP grew 0.8 percent in January, in contrast to the 0.2 percent fall in December, when the Omicron variant of the coronavirus and Plan B restrictions had a more significant impact, official data showed. Economists had forecast a marginal growth of 0.2 percent for January.
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