European stocks close on a strong note

(RTTNews) – European stocks closed on a strong note on Monday, with data showing a stronger-than-expected pace of expansion in the Chinese economy in the fourth quarter, and the Chinese central bank’s decision to cut interest rates. interest helped sustain the sentiment.

Investors also continued to follow updates on the surge in coronavirus cases across the globe and reacted to earnings reports and other corporate news.

The pan-European Stoxx 600 index climbed 0.7%. Britain’s FTSE 100 jumped 0.91%, Germany’s DAX 0.32% and France’s CAC 40 0.82%, while Switzerland’s SMI gained 0.86%.

Among other European markets, Austria, Czech Republic, Denmark, Finland, Greece, Iceland, Spain, Sweden and Turkey closed higher.

Ireland, the Netherlands, Norway, Poland and Russia fell, while Belgium and Portugal finished flat.

In the UK market, Taylor Wimpey gained 4.2% after saying its 2021 performance was in line with expectations.

GlaxoSmithKline gained more than 3% after confirming it had rejected Unilever’s £50bn bid for its consumer healthcare business, saying it was undervaluing the business. Unilever shares plunged almost 7%.

Admiral Group, Antofagasta, Informa, British American Tobacco, Reckitt Benckiser and Land Securities gain 3 to 4%.

The BP shares were acquired after the company said it had signed two agreements with the Omani government to support the potential development of a multi-gigawatt, renewable energy and green hydrogen development facility in Oman, here 2030.

AstraZeneca saw some buying. Drugmaker and Japanese Daiichi Sankyo said their supplemental biologics license application seeking Enhertu’s approval for patients with HER2-positive metastatic breast cancer treated with prior HER2-based therapy anti-HER2 has been accepted for priority review by the FDA.

On the French market, Atos rebounded by nearly 6.5%. Hermes International climbed more than 3.5%. CapGemini, Faurecia, Kering, Essilor, Publicis Groupe, Sanofi, Valeo, Pernod Ricard, LVMH, STMicroElectronics, L’Oréal and Thales gain 1.5 to 3%.

Renault gains more than 1.5%. The group announced global sales of 2,696,401 vehicles in 2021, down 4.5% from the previous year.

Technip shares fell more than 1%.

In Germany, Fresenius Medical Care and Qiagen both gained around 2.8%. Brenntag, SAP and Merck advanced 1.4 to 2%.

Henkel fell 2.8%, while HelloFresh and Deutsche Wohnen lost around 1.4% and 1.25%, respectively.

In economic news, UK house prices rose in January at the fastest pace since 2016, with the highest number of Boxing Day sellers on record and an increase in demand for properties. potential buyers, according to data from real estate website Rightmove.

House prices rose 7.6% on an annual basis in January, after rising 6.3% in December. This is the highest annual price growth rate recorded by Rightmove since May 2016. On a monthly basis, house prices rose 0.3% in January, in contrast to the 0.7% decline in December.

In news from China, the country’s gross domestic product grew 4% in the fourth quarter on an annual basis, slower than the 4.9% expansion recorded in the previous quarter, Bureau data showed on Monday. National Statistics. However, the pace of growth exceeded economists’ forecasts of 3.6%. On a quarterly basis, China’s GDP grew by 1.6% against an expected growth of 1.1%.

The People’s Bank of China on Monday cut the one-year average lending facility rate to 2.85% from 2.95% and the 7-day repo rate to 2.1% from 2.2%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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