{"id":52832,"date":"2024-11-14T18:21:53","date_gmt":"2024-11-14T18:21:53","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/11\/14\/european-stocks-close-higher-on-strong-gdp-data-earnings\/"},"modified":"2024-11-14T18:21:53","modified_gmt":"2024-11-14T18:21:53","slug":"european-stocks-close-higher-on-strong-gdp-data-earnings","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/11\/14\/european-stocks-close-higher-on-strong-gdp-data-earnings\/","title":{"rendered":"European Stocks Close Higher On Strong GDP Data, Earnings"},"content":{"rendered":"
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European stocks closed higher on Thursday, recovering from recent losses, as investors assessed the most recent global economic data, including U.S. inflation and euro area GDP reports, and reacted to a slew of quarterly earnings and other corporate news.<\/p>\n

The pan European Stoxx 600 gained 1.08%. The U.K.’s FTSE 100 climbed 0.51%, Germany’s DAX and France’s CAC 40 moved up 1.37% and 1.32%, respectively, while Switzerland’s SMI closed up 0.68%.<\/p>\n

Among other markets<\/span> in Europe, Austria, Belgium, Finland, Ireland, Netherlands, Poland, Portugal, Spain, Sweden and Turkiye closed with sharp to moderate gains.<\/p>\n

Iceland edged up marginally, while Denmark, Greece and Russia ended weak.<\/p>\n

In the UK market, Burberry Group shares zoomed nearly 10% after new CEO of the fashion brand, Joshua Schulman, pledged to “stabilize the business<\/span>” with a turnaround plan.<\/p>\n

Aviva gained more than 4% after a strong Q3 update, showing continued growth across various business lines. B&M European Value Retail, Spirax Group, Schrodders, Aviva, Severn Trent, 3i Group, Prudential, United Utilities and Informa gained 3 to 5%.<\/p>\n

Centrica, BP, RightMove, BT Group, Berkeley Group Holdings, WPP, Segro, Barratt Redrow, Land Securities, Unite Group and Haleon climbed 1.5 to 2.75%.<\/p>\n

Convatec Group dropped 3.51%. Experian, Melrose Industries, Rolls-Royce Holdings and BAE Systems lost 2 to 3%. ICG, Next, Endeavour Mining, Sainsbury (J), Weir Group and Coca-Cola also ended notably lower.<\/p>\n

In the German market, Infineon climbed 4.7%. Siemens gained nearly 5% after Q4 earnings topped expectations. Deutsche Telekom rallied 3.5% after the telecoms group beat third-quarter profit expectations and raised its full-year core profit guidance.<\/p>\n

BMW advanced nearly 3%. Deutsche Bank, Bayer, Mercedes-Benz, Deutsche Post, Continental, Fresenius Medical Care, Volkswagen, Vonovia, Deutsche Boerse, Daimler Truck Holding, Henkel, Porsche and Commerzbank gained 1 to 2.3%.<\/p>\n

Merck ended more than 3% down. Zalando, Rheinmetall and RWE closed moderately lower.<\/p>\n

In the French market, Kering, ArcelorMittal, Vivendi, Eurofins Scientific, STMicroElectronics, Stellantis, Legrand, TotalEnergies, Capgemini and Saint Gobain gained 2 to 4%.<\/p>\n

Alstom rallied sharply. The French train maker beat expectations for its half-year cash position, helped by increased volumes and cost saving initiatives.<\/p>\n

LVMH, Hermes International, Renault, Dassault Systemes, Essilor, Schneider Electric, Unibail Rodamco, Vinci, Veolia, Danone, Societe Generale, Publicis Groupe, Pernod Ricard, Bouygues, Michelin and AXA ended higher by 1 to 2%.<\/p>\n

On the economic front, the euro area economy<\/span> expanded at a faster pace in the third quarter, as initially estimated, flash estimate from Eurostat showed.<\/p>\n

Gross domestic product grew 0.4% sequentially after rising 0.2% in the second quarter. The rate came in line with the preliminary flash estimate published on October 30. On a yearly basis, economic growth increased to 0.9% from 0.6% in the previous quarter. The annual rate also matched the preliminary estimate.<\/p>\n

Meanwhile, Eurozone industrial production declined in September on decreases in energy and capital goods output. Industrial output fell 2% month-on-month in September, in contrast to the 1.5% increase in August. The decline was also bigger than forecast of -1.3%.<\/p>\n

Year-on-year, the decline in industrial production deepened to 2.8% in September from 0.1% in August. Output was expected to drop 2%. <\/p>\n<\/p>\n

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