{"id":12765,"date":"2021-08-10T16:44:45","date_gmt":"2021-08-10T16:44:45","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/08\/10\/european-markets-close-higher-as-earnings-optimism-outweigh-weak-data-virus-concerns\/"},"modified":"2021-08-10T16:44:45","modified_gmt":"2021-08-10T16:44:45","slug":"european-markets-close-higher-as-earnings-optimism-outweigh-weak-data-virus-concerns","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/08\/10\/european-markets-close-higher-as-earnings-optimism-outweigh-weak-data-virus-concerns\/","title":{"rendered":"European Markets Close Higher As Earnings Optimism Outweigh Weak Data, Virus Concerns"},"content":{"rendered":"
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European stocks closed higher on Tuesday as optimism about earnings helped offset concerns about a surge in the delta variant of the coronavirus<\/span> and increased restrictions on travel.<\/p>\n

Investors also shrugged off concerns about imminent tapering of bond buying program by the Federal Reserve. <\/p>\n

Besides reacting to the latest batch of economic data from the region, the markets<\/span> awaited U.S. inflation data, due on Wednesday, for further indications of when the world’s largest economy<\/span> may start to withdraw stimulus.<\/p>\n

Shares of travel and hospitality industry companies were under pressure.<\/p>\n

The Pan European Stoxx 600 gained 0.35%. The U.K.’s FTSE 100 climbed 0.4%, Germany’s DAX moved up 16% and France’s CAC 40 edged up 0.1%, while Switzerland’s SMI advanced 0.41%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Russia, Spain, Sweden and Turkey closed higher. <\/p>\n

Poland and Portugal edged up marginally, while Czech Republic and Denmark ended weak.<\/p>\n

In the UK market, Flutter Entertainment shares zoomed nearly 8% after the company reported stronger than expected quarterly earnings.<\/p>\n

Informa gained about 4.75%. Taylor Wimpey, Weir Group, Johnson Matthey, Evraz and Smith (DS) moved up 2 to 2.5%. Antofagasta, Royal Mail, Prudential, CRH, WPP, ITV and Entain also rose sharply.<\/p>\n

Derwent London shares moved higher after the company said that it has bought two properties in London’s West End for 214.6 million pounds ($297.1 million) and entered into a joint venture with Lazari Investments to buy three London properties.<\/p>\n

M&G shares declined more than 3% after the company swung to an IFRS loss after tax of \u00a3248m for the six months ended 30 June. <\/p>\n

IAG, EasyJet and TUI AG ended weak, weighed down by concerns over a surge in coronavirus cases in many countries.<\/p>\n

In the German market, shares of meal-kit firm HelloFresh soared more than 9% after the company said orders increased by 71.2% to 30.98 million in the second quarter, compared to 2020.<\/p>\n

Munich Re advanced 1.7% after the German reinsurance group raised its gross premium forecasts for the full year. Fresenius Medical Care, Covestro, Merck, Beiersdorf, RWE and Thyssenkrupp gained 1 to 2%.<\/p>\n

In the French market, ArcelorMittal gained nearly 3%. Technip and Faurecia surged up 2.8% and 2%, respectively. Valeo, Danone and Publicis Groupe also ended notably higher.<\/p>\n

Air France-KLM, Essilor, Accor and WorldLine shed 1 to 1.7%.<\/p>\n

In economic news, German economic confidence deteriorated more-than-expected to a ten-month low in August, survey data from the ZEW – Leibniz Centre for European Economic Research showed.<\/p>\n

The report said the ZEW Indicator of Economic Sentiment for Germany fell to 40.4 from 63.3 in July, falling for a third consecutive month, due to a more challenging environment for the German economy. The score was forecast to drop moderately to 56.7.<\/p>\n

Elsewhere, total U.K. retail sales grew 6.4% on a yearly basis in July while like-for-like sales were up 4.7%, the British Retail Consortium (BRC) said.<\/p>\n

The lifting of restrictions did not bring the anticipated in-store boost, with the wet weather leaving consumers reluctant to visit shopping destinations, Helen Dickinson, chief executive at BRC said. <\/p>\n<\/p>\n<\/div>\n