{"id":12859,"date":"2021-08-12T16:51:08","date_gmt":"2021-08-12T16:51:08","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/08\/12\/european-stocks-extend-winning-streak-on-optimism-about-earnings-growth\/"},"modified":"2021-08-12T16:51:08","modified_gmt":"2021-08-12T16:51:08","slug":"european-stocks-extend-winning-streak-on-optimism-about-earnings-growth","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/08\/12\/european-stocks-extend-winning-streak-on-optimism-about-earnings-growth\/","title":{"rendered":"European Stocks Extend Winning Streak On Optimism About Earnings, Growth"},"content":{"rendered":"
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European stocks extended their winning streak as the mood remained positive on Thursday amid continued optimism about earnings and economic recovery. <\/p>\n

Wednesday’s inflation data from the U.S. that suggested the Federal Reserve is unlikely to taper its bond buying program anytime soon continued to aid sentiment.<\/p>\n

Worries about the rapidly spreading delta variant of the coronavirus<\/span> and the resultant restrictions on travels in several places weighed and limited markets<\/span>‘ upside. Still, several benchmarks in the region recorded their multi-month highs.<\/p>\n

The pan European Stoxx 600 edged up 0.11%. Germany’s DAX climbed 0.7% and France’s CAC 40 gained 0.36%, while the U.K.’s FTSE 100 ended 0.37% down. Switzerland’s SMI moved up 0.33%.<\/p>\n

Among other markets in Europe, Austria, Belgium, Czech Republic, Denmark, Iceland, Norway, Poland, Portugal, Russia and Sweden closed higher.<\/p>\n

Belgium, Denmark and Spain edged up marginally. Finland and Netherlands closed flat, while Greece and Ireland ended weak. <\/p>\n

In the UK market, Aviva climbed 3.5%. Smiths Group, Hargreaves Lansdown, Ferguson, AstraZeneca, Ashtead Group, B&M, Hikma Pharmaceuticals and Tesco gained 1 to 2.3%.<\/p>\n

Rio Tinto and Evraz shed 7.6% and 7.1%, respectively. M&G, Just Eat Takeaway, Legal & General, IHG, Royal Dutch Shell, Rolls-Royce Holdings, Coca-Cola HBC, Antofagasta, BP and IAG declined 1.5 to 3%. BHP Group, Barclays Group and Whitbread also ended notably lower.<\/p>\n

In the French market, Faurecia surged up 3.7%. Accor gained about 2.5%, while LOreal and Valeo moved up 1.5% and 1.1%, respectively.<\/p>\n

In Germany, Deutsche Telekom, Thyssenkrupp, Merck, Deutsche Post, SAP, Munich RE, Bayer, BASF, Fresenius and Daimler gained 1 to 3%. Henkel and RWE ended notably lower.<\/p>\n

Delivery Hero tumbled more than 7%. The online food ordering company raised its gross merchandise value outlook for the full year after delivering strong performance in the second quarter.<\/p>\n

Shares of Dutch insurer Aegon NV advanced more than 7% after the company reported better than expected results for the second quarter.<\/p>\n

In the Swiss market, Zurich Insurance Group AG gained nearly 4% after the company’s first-half business<\/span> operating profit jumped 60%, beating expectations.<\/p>\n

In economic releases, Eurozone industrial production declined at a slower pace in June, data published by Eurostat showed.<\/p>\n

Industrial output was down 0.3% month-on-month, slower than the 1.1% decrease seen in May. This was the second consecutive fall. Economists had forecast a monthly drop of 0.2%.<\/p>\n

On a yearly basis, industrial production growth eased to 9.7% in June from 20.6% in May.<\/p>\n

The U.K. economy<\/span> recovered strongly in the second quarter, following the easing of coronavirus restrictions, the first quarterly estimates from the Office for National Statistics revealed.<\/p>\n

Gross domestic product grew 4.8% sequentially in the second quarter, reversing a 1.6% fall in the first quarter. The rate matched economists’ expectations. Nonetheless, the level of GDP was 4.4% below its pre-pandemic level.<\/p>\n

Another report from the ONS showed that the visible trade gap widened to GBP 11.98 billion in June from GBP 9.6 billion in May. <\/p>\n<\/p>\n

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