{"id":7195,"date":"2021-02-04T09:59:50","date_gmt":"2021-02-04T09:59:50","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/02\/04\/european-shares-extend-gains-on-recovery-hopes\/"},"modified":"2021-02-04T09:59:50","modified_gmt":"2021-02-04T09:59:50","slug":"european-shares-extend-gains-on-recovery-hopes","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/02\/04\/european-shares-extend-gains-on-recovery-hopes\/","title":{"rendered":"European Shares Extend Gains On Recovery Hopes"},"content":{"rendered":"
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European shares were mostly higher on Thursday, extending a three-day rally on hopes of a swifter global economic recovery. <\/p>\n

Sentiment was also underpinned after former European Central Bank chief Mario Draghi agreed to help form a new Italian government.<\/p>\n

The monetary policy announcement and the quarterly economic and inflation projections are due from the Bank of England later in the day.<\/p>\n

The central bank is expected to keep its interest rate unchanged near zero, avoiding a reduction to negative territory at the February meeting.<\/p>\n

The bank is also set to maintain the size of quantitative easing at GBP 895 billion. The announcement is due at 7.00 am ET.<\/p>\n

The pan European Stoxx 600 edged up 0.2 percent to 408.12 after gaining 0.3 percent on Wednesday. <\/p>\n

The German DAX and France’s CAC 40 rose about 0.4 percent, while the U.K.’s FTSE 100 was marginally higher. <\/p>\n

Swiss engineering company ABB lost 2.5 percent after it swung to a loss in the fourth quarter.<\/p>\n

British housebuilder Barratt Developments jumped 2.9 percent after achieving “a fantastic first half performance,” according to its Chief Executive.<\/p>\n

Consumer goods giant Unilever slumped 4.3 percent after its underlying sales rose 3.5 percent in the fourth quarter in line with estimates.<\/p>\n

Bayer AG surged 5 percent after the German chemical company announced a formal agreement with plaintiffs’ class counsel on a class plan designed to manage and resolve future Roundup cases.<\/p>\n

Deutsche Bank was moving lower despite the lender reporting a small annual profit in 2020, its first since 2014, on higher revenues and cost reductions at its investment banking division.<\/p>\n

Semiconductor manufacturer Infineon Technologies was little changed in choppy trade after reporting higher revenue and net profit for the first quarter of fiscal 2021.<\/p>\n

In economic releases, the construction Purchasing Managers’ Index for Germany fell to 46.6 in January from 47.1 in December due to a sustained downturn in work on commercial building projects. <\/p>\n

French business<\/span> managers forecast a strong rebound in investment expenditure this year, according to a survey, released by the statistical office Insee.<\/p>\n

Managers forecast investment expenditure to rise 10 percent this year, reversing an estimated decline of 13 percent in 2020. Managers upgraded their forecast for 2021 by 6 points and that for 2020 by 1 point. <\/p>\n<\/p>\n

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