Europe close: stocks finish higher but off their best levels – ShareCast

Europe close: stocks finish higher but off their best levels – ShareCast

European stocks rebounded on Wednesday after a sell-off a day earlier.

For Kathleen Brooks of

IG’s Chris Beauchamp, however, warned that sales in global markets could easily return if Tel Aviv opts for a “major retaliatory measure.”

The pan-European Stoxx 600 index edged up 0.17% to 499.07, alongside similar cautious gains for Germany’s Dax by 0.02% to 17,770.26.

The Spanish Ibex 35, on the other hand, fell by 1.02% to 10,663.90.

At the same time, the euro appreciated slightly, but Brent crude fell 1.4%, while yields on gold and the 10-year Bund fell.

Foreign Secretary David Cameron said it was “clear” that Israel would retaliate, but he hoped it would be done in a way that would aggravate the situation as little as possible.

New sanctions on Iran, expected to be announced by the G7 in the coming days, were partly intended to appease Tel Aviv, Reuters reported.

Eurostat confirmed that headline CPI in the single currency bloc rose from 2.6% year-on-year in February to 2.4% in April.

The bloc’s foreign trade surplus has meanwhile narrowed from 27.1 billion euros in January to 17.9 billion euros in February, as imports jumped 4.2%.

In stock news, IDS soared 29% after Czech billionaire Daniel Kretinsky’s European group confirmed it had made a possible non-binding cash offer for the postman and parcel carrier on April 9, which had been rejected. EP currently owns approximately 27% of the company.

Shares of luxury giant LVMH rose 3% after Tuesday evening’s release of weak quarterly sales growth figures that were not as bad as feared. Sector peers Burberry and Christian Dior were also higher.

Shares of Continental fell 5% after the German auto parts maker reported lower-than-expected first-quarter revenue and profit margin.

ASML fell 7% as the largest supplier of equipment to computer chip makers reported weaker-than-expected new bookings in its first-quarter results on Wednesday.

Shares of Adidas rose 9 as the sporting goods maker raised its 2024 profit outlook after a better-than-expected first quarter.



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