European stocks climbed on Thursday as investors cheered signs of progress on the U.S. debt ceiling deal, solid manufacturing data from China and dovish comments from Federal Reserve officials hinting at a pause in interest-rate hikes.
Closer home, Eurozone inflation eased sharply to a 15-month low of 6.1 percent in May largely due to a fall in energy prices, flash data from Eurostat showed.
The euro area manufacturing purchasing managers’ index (PMI) was slightly revised upwards to 44.8 in May, while German retail sales rose 0.8 percent month-on-month in April, partially reversing a 2.4 percent decline in the previous month.
The pan European STOXX 600 was up 0.8 percent at 455.33 after declining 1.1 percent on Wednesday.
The German DAX rallied 1.1 percent, France’s CAC 40 rose 0.8 percent and the U.K.’s FTSE 100 was up half a percent.
Equipment manufacturer FLSmidth jumped 3 percent after it acquired the American company Morse Rubber.
Lonza rose 1.3 percent after it acquired Synaffix, a Dutch biotech company focused on the development of antibody drug conjugates.
Miners Anglo American and Antofagasta both rallied around 2 percent as concerns about China’s economic recovery eased.
British bootmaker Dr Martens plunged 10 percent after a warning that its profit margins will fall this year.
BAE Systems gained about 1 percent. The provider of defense, aerospace, and security solutions announced has entered into an arrangement with Morgan Stanley & Co. International plc to initiate the share repurchase of 500 million pounds worth of shares in the third tranche.
Safran gained 1.3 percent in Paris. The aerospace and defense company said that it has entered into exclusive discussions with Air Liquide SA to buy its aeronautical oxygen and nitrogen activities, excluding the cryogenic activities related to marine applications.
Spirits group Remy Cointreau edged down half a percent after it warned of a continued slowdown of consumption growth in the U.S.
Business News
European Shares Rise As Debt Default Worries Ease
2023-06-01 09:48:13
