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European stocks closed on a strong note on Wednesday, rebounding after suffering sharp losses in the previous session amid rising concerns about a possible recession.<\/p>\n
Stocks rallied on bargain hunting, and positive reaction to upbeat German factory orders and industrial production data, and news that a strike was called off by Norwegian oil and gas workers.<\/p>\n
German new industrial orders grew 0.1% month-on-month in May, reversing the trend after a third consecutive monthly drop, Destatis reported.<\/p>\n
That was in contrast to the revised 1.8% decline in April and the expected fall of 0.6%.<\/p>\n
Eurozone retail sales rose 0.2% in May compared with the previous month, Eurostat said. The April data has been revised to a 1.4% decline, instead of the 1.3% sequential drop previously estimated.<\/p>\n
Investors looked ahead to the release of the minutes of the Federal Reserve’s latest policy meeting, due later in the day.<\/p>\n
The pan European Stoxx 600 climbed 1.66%. The U.K.’s FTSE 100 gained 1.17%, Germany’s DAX surged 1.56% and France’s CAC 40 jumped 2.03%, while Switzerland’s SMI gained 1.23%.<\/p>\n
Among other markets<\/span> in Europe, Belgium, Denmark, Finland, Iceland, Ireland, Netherlands, Poland, Sweden and Turkey closed higher. <\/p>\n Austria, Czech Republic, Norway and Russia ended weak, while Greece, Portugal and Spain settled flat.<\/p>\n In the UK market, Scottish Mortgage rallied nearly 7%. ABRDN gained over 5% after the British investment company launched a GBP300-million share buyback program.<\/p>\n Hargreaves Lansdown, JD Sports Fashion, ICP, Auto Trader Group, Informa, Halma, Experian, Schrodders and St. James Place gained 4 to 5%.<\/p>\n Rolls-Royce Holdings, RightMove, RS Group, Relx, Flutter Entertainment, Dechra Pharmaceuticals, Burberry Group and B&M European Value Retail also moved up sharply.<\/p>\n Just Eat Takeaway.com shares jumped nearly 14% after Amazon agreed to buy a stake in its unit Grubhub.<\/p>\n Shares of online booking site Trainline zoomed 21% after the company upped its sales outlook, citing a recovery in demand for travel across Europe amid an influx of U.S. tourists.<\/p>\n Fresnillo, Harbour Energy, Standard Chartered, Shell and BP ended sharply lower.<\/p>\n In the French market, Atos soared nearly 10%. Hermes International, STMicroElectronics, L’Oreal, Dassault Sytemes, Teleperformance, LVMH, Thales, Publicis Groupe, Safran, Schneider Electric, Michelin, Airbus Group and Air Liquide gained 3 to 5%.<\/p>\n Faurecia tumbled nearly 6% after Barclays double-downgraded its rating on the stock to “underweight.” Valeo, Engie, ArcelorMittal and Orange shed 1 to 3%.<\/p>\n In Germany, HelloFresh climbed 5.5%. Zalando, Deutsche Wohnen, Puma, Infineon Technologies, MTU Aero Engines, Deutsche Boerse, Vonovia and Siemens Healthineers gained 3 to 5%.<\/p>\n SAP, Siemens, Linde, Sartorius, Porsche Automobil, Merck, Qiagen, Munich RE and Symrise also posted strong gains. <\/p>\n<\/p>\n<\/div>\n