{"id":12004,"date":"2021-07-20T09:56:58","date_gmt":"2021-07-20T09:56:58","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/07\/20\/european-shares-rebound-on-economic-optimism\/"},"modified":"2021-07-20T09:56:58","modified_gmt":"2021-07-20T09:56:58","slug":"european-shares-rebound-on-economic-optimism","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/07\/20\/european-shares-rebound-on-economic-optimism\/","title":{"rendered":"European Shares Rebound On Economic Optimism"},"content":{"rendered":"
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European stocks rebounded on Tuesday after suffering heavy losses the previous day on worries about the spread of the highly contagious coronavirus<\/span> variants in more countries.<\/p>\n

The pan European Stoxx rose 0.6 percent to 446.72 after declining 2.3 percent on Monday. <\/p>\n

The German DAX gained half a percent, France’s CAC 40 index climbed 0.9 percent and the U.K.’s FTSE 100 was up half a percent on optimism over economic and earnings growth. <\/p>\n

The British pound hit a five-month low against the dollar and hovered near a five-week low against the euro as a global surge in coronavirus cases kept investors jittery.<\/p>\n

Swiss bank UBS Group AG surged 4.1 percent after posting better-than-expected profit in the second quarter. <\/p>\n

Electrolux AB shares plunged 10 percent. The Swedish home appliances maker posted a lower-than-expected second-quarter operating profit and warned global supply chain woes would worsen in coming months.<\/p>\n

Similarly, commercial vehicle manufacturer Volvo Group lost 3.7 percent as it warned of more production disruptions and stoppages this year amid a global shortage of semiconductors. <\/p>\n

Norway’s Telenor gained 2.3 percent after raising its full-year annual outlook. <\/p>\n

Alstom soared 3.5 percent. The French speed-train maker reported that its first-quarter sales surged 146 percent to 3.7 billion euros from last year’s 1.51 billion euros.<\/p>\n

BP Plc rose 1.3 percent and Royal Dutch Shell added 0.7 percent as oil prices rebounded after seeing their worst plunge in 16 months overnight.<\/p>\n

Miners Anglo American, Antofagasta and Glencore gained more than 1 percent.<\/p>\n

Airline easyJet jumped 3.1 percent after it posted a smaller-than-expected pretax quarterly loss.<\/p>\n

In economic releases, German producer prices grew 8.5 percent on a yearly basis in June, bigger than the 7.2 percent rise posted in May, data published by Destatis revealed.<\/p>\n

Economists had forecast an increase of 8.4 percent. This was the fastest rise since January 1982, when prices grew sharply amid second oil crisis.<\/p>\n

The euro area current account surplus dropped to a seasonally adjusted EUR 12 billion in May from EUR 22 billion in April, data from the European Central bank showed. In the same period last year, the surplus totaled EUR 6 billion.<\/p>\n

The surplus on goods trade remained unchanged at EUR 25 billion, while the surplus on services trade dropped to EUR 6 billion from EUR 9 billion. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n