MILAN/FRANKFURT: European stocks hit a more than two-week high on Thursday, as strong quarterly earnings, fresh stimulus for Britain's coronavirus-hit economy and a post-election gains for Wall Street lifted investor spirits. The pan-European STOXX 600 index gained 1.1% to touch its highest level since Oct. 19 and was on track for its best weekly showing in more than six months.
Technology stocks jumped 2.5% as did their US peers, but gains were broad-based in Europe with media, automakers and chemical companies surging over 2%. A handful of upbeat corporate results also lifted European markets, with Munich-based broadcaster ProSiebenSat.1 Media jumping 8.9% after it returned to profit in the third quarter and reinstated its outlook for the full year.
French lender Societe Generale gained 3.7% after a recovery in its equity trading business helped it swing back to a quarterly profit. British insurer RSA soared 45.7% as it said England's second national lockdown is unlikely to have much impact on its business.
Wind turbine maker Siemens Gamesa, which would benefit from Biden's clean energy push, rose 5.1% after it confirmed forecasts for a steady rise in margins until 2023. Its shares, along with those of rival Vestas, took a hit on Wednesday amid uncertainty over the US election outcome.
Banks came under pressure, with Dutch bank ING Groep NV falling 4.8% after reporting lower-than-expected pre-tax profit. Germany's Commerzbank dropped 5.8% after it reported a quarterly loss.
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