AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

PARIS: European shares ended higher on Wednesday, supported by commodity-linked stocks which rose on hopes of more stimulus in major importer China, while easing bond yields took pressure off the technology sector.

The pan-European STOXX 600 index closed up 0.7%, with the basic resources and energy sectors up 3.2% and 2.3% respectively.

Commodity prices rose after sluggish factory-gate inflation data in China showed more room for policy easing, which is likely to see the central bank release more money into the economy.

Bets on fast U.S. policy tightening slimmed after Fed Chair Jerome Powell said it may take several months to make a decision on reducing the Fed’s $9 trillion holding. U.S. inflation data also came in line with expectations for December, although the figure remained around 40-year highs.

“Powell’s speech had no surprises, so yields haven’t risen further. When you have yields stabilising, growth names are back,” said Roland Kaloyan, head of European equity strategy at Societe Generale.

Bond yields on both sides of the Atlantic retreated, allowing technology stocks to extend their recovery into a second day. The sector rose 1.5%.

The STOXX 600 had logged its best day in nearly three weeks on Tuesday as technology stocks snapped a seven-day losing streak, while investors looked ahead to a positive fourth-quarter earnings season.

Profit for companies listed on the STOXX 600 is expected to rise 48.5% in the fourth quarter to 108.7 billion euros ($123.5 billion) from a year earlier, a slight dip from the prior estimate of 49.3%, Refinitiv data showed.

“Overall it should be another good season, but several companies communicated a lot of the good in 2021. What could be a catalyst for the market is going to be the guidance for 2022,” Societe Generale’s Kaloyan added.

Among individual stocks, German software company TeamViewer surged 14.9% after announcing upbeat preliminary fourth-quarter and full-year results.

Comments

Comments are closed.

European shares buoyed by commodity stocks on China stimulus hopes

PPP to send legal notice to Imran over Zardari assassination plot claims

FM Bilawal to visit Russia on January 29-30

In 2 weeks: Indus Motor increases Toyota car prices again as rupee's fall bites

Gold surges to new peak on back of rupee depreciation, speculation

Two Indian air force jets crash, one pilot killed

'Believe in Ishaq Dar': Maryam says current finance minister to solve economic crisis

Sri Lanka economy could shrink by -3.5% to -4%, president says

Death toll in Afghanistan cold snap rises to 166, official says

Sukuks: Dar seeks guidance from clerics

B2B barter trade mechanism: MoC empowered to impose conditions, curbs