European stocks eked out modest gains on Wednesday as U.S. Treasury yields stabilized after the successful auction of $58 billion in three-year notes.
Investors looked to U.S. inflation data and a critical 10-year bond auction for further direction.
Closer home, the European Central Bank is seen stepping up its pace of emergency asset purchases to counter rising bond yields, when it meets on Thursday.
The pan European Stoxx 600 inched up 0.2 percent to 421.10, after having hit its highest level since late February 2020 on Tuesday.
The German DAX rose 0.3 percent and France’s CAC 40 index gained 0.6 percent while the U.K.’s FTSE 100 was down 0.2 percent.
Adidas jumped 3.3 percent. After reporting a fall in Q4 profit, the sportswear maker said it expects strong top-line increase with sales to grow at a mid- to high-teens rate in fiscal 2021.
Vehicle maker MAN SE advanced 1.6 percent. The company expects sales revenue to rise in fiscal 2021 due to volume-related factors.
BP Plc and Royal Dutch Shell both rose about 1 percent as oil prices edged up after falling for two straight sessions.
CLS Holdings gained nearly 2 percent. The company said the value of its portfolio of European commercial property rose by 1.4 percent during 2020.
Restaurant Group surged 4.5 percent. After reporting a much widened pretax loss for 2020, the casual dining operator is seeking to raise £175m from its shareholders to pay down debt and use as a buffer in case of any Covid resurgence.
Spanish clothing company Inditex was moving lower after it reported a 70 percent fall in 2020 net profit.
Online food ordering company Just Eat Takeaway.com gained 0.8 percent after saying it sees growth ahead.
In economic releases, France’s industrial production grew 3.3 percent month-on-month in January, reversing a 0.7 percent fall in December, data from the statistical office Insee showed. Economists had forecast an increase of 0.5 percent.
European Shares Edge Higher As Yields Stabilize
2021-03-10 09:55:49
