European stocks ticked higher on Tuesday as Euro zone government bond yields dipped across the board, helping ease worries around inflation and higher interest rates.
U.S. Treasury Secretary Janet Yellen said on Monday that President Biden’s coronavirus aid package would provide enough resources to fuel a “very strong” U.S. economic recovery, and that “there are tools” to address inflation if it becomes a problem.
The pan European Stoxx 600 rose 0.3 percent to 418.60 after climbing 2.1 percent on Monday. The German DAX was marginally higher, France’s CAC 40 index edged up 0.1 percent and the U.K.’s FTSE 100 gained 0.4 percent.
Novartis dropped 1.2 percent. The Swiss drug maker said that phase III CANOPY-2 trial did not meet primary endpoint of overall survival in patients with advanced or metastatic non-small cell lung cancer.
Domino’s Pizza Group shares soared 12 percent after the pizza chain reported strong full-year results on lower costs.
Miners were moving lower as commodities retreated hit by a firm dollar. Anglo American and Glencore both fell around 1.3 percent.
British banks HSBC Holdings, Lloyds Banking Group and Barclays were down between 0.6 percent and 1.4 percent.
World’s largest inter-dealer broker TP ICAP slumped 5.5 percent after it posted lower annual adjusted earnings and halved its dividend, citing a one-off reduction.
German automotive parts maker Continental AG plunged 5.2 percent. After reporting a 15 percent drop in adjusted sales in 2020, the company said the effects of the ongoing coronavirus pandemic remain a source of uncertainty in 2021.
Logistics group Deutsche Post rallied 1.8 percent after reporting an increase in fourth-quarter net profit and raising mid-term targets.
Symrise, a flavor and fragrance maker, lost 1.8 percent after its 2020 core profit missed expectations.
In economic releases, German exports growth accelerated in January, while imports logged a faster than expected decline, data from Destatis revealed today.
Exports grew unexpectedly by 1.4 percent month-on-month, faster than the 0.4 percent rise in December. Economists had forecast a decline of 1.2 percent.
At the same time, imports decreased 4.7 percent after staying flat in the previous month. Imports were expected to drop 0.5 percent.
Elsewhere, data out of the U.K. showed the country’s retail sales returned to growth last month, prompted by the prime minister’s roadmap to reopening announcement.
Total retail sales grew 1 percent on a yearly basis in February while like-for-like sales advanced 9.5 percent, the British Retail Consortium said.
Market Analysis
European Shares Edge Higher In Cautious Trade
2021-03-09 09:59:51
