European stocks bounced back on Monday, after having suffered steep losses in the previous session following a global IT outage linked to issues at cybersecurity firm CrowdStrike.
The dollar slid while Treasuries rose as investors weighed the implications of U.S. President Joe Biden’s exit from the presidential election race.
Amid growing calls within his Democratic Party for his stepping down, Biden endorsed his Vice-President Kamala Harris for the Democratic nomination.
The pan European STOXX 600 jumped 0.9 percent to 514.61 after logging its biggest weekly fall of 2024 on Friday.
The German DAX rallied 1.1 percent, France’s CAC 40 climbed 1.2 percent and the U.K.’s FTSE 100 was up 0.6 percent.
In corporate news, Swiss heating and ventilation solutions maker Belimo Holding AG surged nearly 13 percent after raising its sales guidance.
Ocado Group jumped more than 7 percent in London. The grocery technology company announced that U.S. grocery retailer Kroger Co. (KR) has placed an order for a wide range of new automated technologies to roll out in Customer Fulfilment Centres across its network.
Rentokil Initial soared nearly 11 percent on reports that former BT chief Philip Jansen is in talks to buy the British pest-control firm.
Irish budget airline Ryanair plunged 13.5 percent after reporting a 46 percent fall in quarterly profit. Peer Wizz Air Holdings slumped 8 percent and IAG Group tumbled 4 percent.
Entain rallied 4.5 percent. The British gambling group named Gavin Isaacs, former chief of U.S.-based lottery games and betting firm Scientific Games Corp, as its new CEO.
Shopping centre owner Hammerson surged 4.3 percent after selling its retail outlets business Value Retail for £1.5bn.
Airbus SE shares rose about 1 percent in Paris. Media reports suggest that the aerospace major has listed eight potential site locations for setting up its final assembly line for the H125 helicopters in India.
German wind turbine maker Nordex added 1 percent after an announcement that it will launch N169/5.X turbine with a power rating of up to 5.5 megawatts and 169-meter rotor diameter under its Delta4000 platform.
Business News
European Shares Climb As Biden Drops Out Of Presidential Race
2024-07-22 09:43:17
