European stocks advanced on Monday as hopes for a strong euro zone economic recovery outweighed concerns over fresh regulatory crackdown on Chinese firms.
The pan European Stoxx 600 rose 0.4 percent to 468.27 after declining 0.3 percent on Friday. The German DAX climbed 0.7 percent, France’s CAC 40 index edged up 0.4 percent and the U.K.’s FTSE 100 added half a percent.
German online pet supplies’ retailer Zooplus AG jumped 8.3 percent. Zorro Bidco, a holding company controlled by funds advised by Hellman & Friedman, raised its takeover offer for the company to 3.29 billion euros ($3.89 billion) from an initial offer of 3 billion euros.
Patrizia AG, a partner for global real assets, soared over 8 percent. The company has entered into a share purchase agreement for the transformational acquisition of Whitehelm, an independently owned infrastructure manager.
Re-insurer Hannover Re AG rose 1.5 percent after saying it anticipates a continuing trend towards higher prices and improved conditions in property and casualty reinsurance for the various rounds of renewals in 2022.
United Internet tumbled 3.3 percent. The company said that its Management Board resolved to prematurely terminate the share buyback program as of the end of September 13, 2021.
Valneva shares plunged 33 percent. The U.K. government is cancelling a vaccine supply contract with the French biotech company, alleging a breach of obligations that Valneva denies.
Oil and gas stocks moved higher, with BP Plc rising 1 percent and Royal Dutch Shell climbing 1.4 percent as oil prices hit one-week high on U.S. supply concerns.
Engineering services firm Babcock rallied 3 percent after it agreed with Equitix Investment Management Limited for the sale of 15.4 percent shareholding in AirTanker Holdings Limited for 126 million pounds.
SThree Plc, a pure-play specialist staffing business, surged 6.5 percent. The company expects fiscal 2021 profit performance to be significantly ahead of consensus.
Associated British Foods lost 3 percent after fourth-quarter sales at its Primark fashion business came in below estimates.
In economic releases, German wholesale prices grew at the fastest pace since 1974 in August amid sharp increases in raw material and intermediate product prices, Destatis reported.
Wholesale prices increased 12.3 percent on a yearly basis, following July’s 11.3 percent in July. This was the strongest growth since October 1974, when prices were up 13.2 percent in the wake of the first oil crisis.
The dollar traded firm in European trading ahead of a crucial U.S. consumer price reading due later this week.
U.S. producer prices released on Friday showed inflation pressure, leading to the biggest annual gain in nearly 11 years.
European Shares Edge Higher On Growth Optimism
2021-09-13 09:44:39
