{"id":7744,"date":"2021-03-03T10:02:41","date_gmt":"2021-03-03T10:02:41","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/03\/03\/european-shares-rise-ahead-of-uk-budget\/"},"modified":"2021-03-03T10:02:41","modified_gmt":"2021-03-03T10:02:41","slug":"european-shares-rise-ahead-of-uk-budget","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/03\/03\/european-shares-rise-ahead-of-uk-budget\/","title":{"rendered":"European Shares Rise Ahead Of UK Budget"},"content":{"rendered":"
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European stocks rose for the third day running on Wednesday, with the latest PMI data and U.K. finance minister Rishi Sunak’s budget speech in focus. <\/p>\n

IHS Markit’s final February Composite Purchasing Managers’ Index for the euro zone economy<\/span> rose to 48.8 from January’s 47.8, while the services PMI has been finalized at 45.7, up slightly from January’s 45.4.<\/p>\n

Britain’s treasury chief Rishi Sunak said in a tweet he will announce a three-part plan to “protect the jobs and livelihoods of the British people” when he delivers his budget to Parliament later in the day. <\/p>\n

The pan European Stoxx 600 climbed 0.8 percent to 416.33 after closing up 0.2 percent on Tuesday. The German DAX jumped about 1 percent, France’s CAC 40 index gained 0.9 percent and the U.K.’s FTSE 100 was up 1.2 percent. <\/p>\n

Miners Anglo American, Antofagasta and Glencore rose 1-2 percent on hopes for a quicker economic recovery from the coronavirus<\/span> pandemic. <\/p>\n

Oil & gas firm BP Plc advanced 1.7 percent, Total SE rose over 1 percent and Royal Dutch Shell added 1.5 percent as oil prices rose amid signs of progress in the Covid-19 vaccine rollout in the United States.<\/p>\n

Banks also traded broadly higher, with Commerzbank, BNP Paribas, HSBC Holdings and Standard Chartered all rising over 2 percent each.<\/p>\n

British housebuilder Persimmon surged 3.6 percent despite reporting lower pretax profit and revenue in 2020.<\/p>\n

Polymetal gained 2.3 percent after it posted a record high net earnings of $1.1 billion in 2020 on stronger global prices for precious metals.<\/p>\n

Daily Mail and General Trust shares added 2.5 percent. The company said that its Consumer Media business<\/span>, dmg media, has acquired New Scientist, science publishing title, from a consortium of individual investors led by Bernard Gray, for 70 million pounds in cash.<\/p>\n

Swiss logistics firm Kuehne + Nagel Group surged 5 percent. After closing the year 2020 with a record operating result, the company said it looks forward to the year 2021 with confidence. <\/p>\n<\/p>\n

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