European stocks were moving higher on Thursday, with encouraging regional data and expectations of a pause in rate hikes by the Federal Reserve helping underpin investor sentiment ahead of Good Friday and Easter holidays.
In economic releases, official data showed German industrial output grew 2.0 percent on a monthly basis in February, faster than economists’ forecast of 0.1 percent gain.
On a yearly basis, industrial production climbed 0.6 percent, in contrast to the 1.6 percent decrease in January.
U.K. house prices rose for a third month in a row in March, defying expectations, to reflect the resilience of the housing market, Lloyds Bank subsidiary Halifax said.
The house price index climbed 0.8 percent month-on-month following a 1.2 percent increase in each of the previous three months. Economists were looking for a 0.3 percent fall.
The pan European STOXX 600 rose 0.4 percent to 458.19 after declining 0.2 percent on Wednesday.
The German DAX edged up 0.1 percent, France’s CAC 40 index rose 0.2 percent and the U.K.’s FTSE 100 was up 0.4 percent.
Gerresheimer AG, a maker of packaging products for medication and drug delivery devices, fell 3.2 percent despite reporting higher quarterly earnings and backing its 2023 view.
Shell rallied 1.7 percent in London after the oil and gas giant said it expects higher liquefied natural gas (LNG) output in the first quarter.
Robert Walters slumped 8 percent after it reported flat profit in the first quarter of 2023 amidst the uncertain global macro-economic conditions.
Temenos AG rose about 1 percent on reports that the Swiss banking software group is seeking fresh interest from private equity firms.
Lender Credit Suisse edged up slightly after winning a $41 million lawsuit against a Saudi royal family member over a loan to refinance a super yacht after London’s High Court ruling.
Business News
European Shares Gain On Strong German, UK Data
2023-04-06 09:46:00
