Stock market operator Euronext’s universal analysts work in the market services surveillance room center at the Euronext headquarters at La Defense business and financial district in Courbevoie near Paris, France, November 21, 2019. REUTERS/Charles Platiau/ File Photo Purchase Licensing Rights, opens new tab
- STOXX up 0.6%
- Bpost falls to record low on lower-than-expected guidance
- UK’s JD Sports top loser on FTSE 100 on Barclays downgrade
July 3 (Reuters) – European shares rose on Wednesday as investors welcomed dovish comments from Federal Reserve Chair Jerome Powell and looked ahead to the second round of the French vote and national elections in the UK.
The pan-European STOXX 600 index
was up 0.6% as of 0845 GMT, rising for a second session out of the last seven.
Wall Street’s benchmark S&P 500
closed above the 5,500 mark on Tuesday after Powell told a panel that recent data represented “significant progress” on inflation, while adding that the Fed needed to see more data before changing policy.
Technology stocks
added 1.6%, underpinned by Dutch semiconductor equipment makers ASMI
and BE Semiconductor Industries
, jumping 2.7% and 6.3%, respectively.
“At some point, there will be some correction (in the markets) to the downside. When this starts for semiconductors, other sectors should be there to give support and limit the S&P 500’s losses,” said Ipek Ozkardeskaya, market analyst at Swissquote.
Miners
were the top sectoral gainers, rising 1.7%, after copper prices climbed on a softer dollar amid renewed hopes of U.S. rate cuts and as supply jitters offset a dismal outlook for physical demand from top consumer China.
French stocks
climbed 1% as opponents of France’s National Rally (RN) stepped up their bid to block the far-right party from power, with more candidates agreeing to pull out of this weekend’s run-off election to avoid splitting the anti-RN vote.
“Investors in France are panicking over the possibility of seeing an outright majority of the far-right National Rally. This stress is expected to result in voting to block such a majority, which would be a positive for the markets,” Ozkardeskaya said.
Eurofins
shares rose 3.1% after the French lab testing firm provided a detailed response to short seller Muddy Waters’ allegations.
The UK’s FTSE 100
also added 0.5% ahead of the July 4 vote, which could see a possible end to 14 years of Conservative government.
Among stocks, JD Sports
dropped 3% to the bottom of the London’s blue chip index after Barclays cut the sports fashion retailer to “underweight” from “equal-weight”, citing concerns about the company’s heavy reliance on Nike.
Volkswagen
edged up 1% after U.S. electric vehicle maker Rivian
denied a media report about its extended partnership with the German automaker.
Danish shipping giant Maersk
rose 3.5% after it agreed to sell its offshore marine service provider Maersk Supply Service to Norway’s DOF Group
for $1.11 billion.
Bpost
tumbled 6.7% after the Belgian postal operator issued a downbeat full-year earnings forecast, citing unfavourable market conditions in North America.
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Reporting by Sruthi Shankar in Bengaluru and Jesus Calero in Gdansk; Editing by Sohini Goswami and Sonia Cheema
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