European stocks hit a one-year high on Thursday as tame U.S. consumer inflation data helped ease concerns about inflation and the U.S. House of Representatives passed the $1.9 trillion coronavirus relief package.
Investors await European Central Bank President Christine Lagarde’s comments on a recent rise in bond yields. The interest rate announcement from the European Central Bank is due at 7.45 am ET.
The bank is expected to keep its policy rates and stimulus package unchanged at the second rate-setting meeting of the year. President Christine Lagarde is set to hold the customary press conference at 8.30 am ET.
The ECB staff macroeconomic projections are also due, with economists expecting a downward revision of growth and an upward revision of inflation forecasts.
The pan European Stoxx 600 rose 0.3 percent to 423.50 after rising 0.4 percent on Wednesday. The German DAX was marginally higher, while France’s CAC 40 index inched up 0.3 percent and the U.K.’s FTSE 100 rose 0.2 percent.
Nokia advanced 1.7 percent after the Finnish telecom company struck a deal with Samsung to license patents covering its innovations in video standards.
Italian insurer Generali gained nearly 2 percent after saying it expects a rebound in profitability this year.
Roche dropped 1 percent. The Swiss drug maker said that adding its drug Actemra to Gilead Sciences’ Veklury medication did not reduce hospital stays for patients with severe Covid-19 pneumonia.
Miners Anglo American, Antofagasta and Glencore rose 2-3 percent on hopes that Biden’s stimulus program will boost the economic recovery from the coronavirus pandemic around the world.
Online trading platform IG Group Holdings soared 4.5 percent after reporting a significant rise in third-quarter revenue.
Engine maker Rolls-Royce Holdings rose over 1 percent despite widening its 2020 pretax loss.
Fashion house Hugo Boss AG fell 2.7 percent after it swung to a net loss for 2020 compared with a profit for 2019.
Reinsurer Hannover Re rose over 1 percent after confirming its 2021 targets.
Chemicals company Lanxess slumped 4 percent after posting a narrowed loss for the fourth quarter of 2020.
European Shares Advance Ahead Of ECB Meeting
2021-03-11 09:37:34
