Home » Europe: Stocks rebound after worst session of the year

Europe: Stocks rebound after worst session of the year

by archyw

PARIS (Reuters) – The main European stock markets begin a rebound on Tuesday morning, wiping out some of the heavy losses suffered the day before over fears that the rise in COVID-19 cases could jeopardize the economic recovery.

In Paris, the CAC 40 index gained 1.33% to 6,379.91 points at 07:45 GMT after having given up 2.54% the day before, its biggest daily drop since the end of October, below 6,300 points.

In Frankfurt, the Dax takes 0.99% and in London, the FTSE is up 1.23%.

The EuroStoxx 50 index for the euro zone rose 1.16% and the FTSEurofirst 300 1.09%.

The Stoxx 600 is up 1.03% after posting its largest single-session decline (-2.3%) since December 21 on Monday.

Unlike Monday, all sector indices are up in early trading. The basic resources compartment, the largest sector increase, recovered 1.78% after falling 3.84% the day before.

The BHP and Anglo American mining companies take 1.96% and 1.71% respectively after the publication of their production figures.

At the top of the CAC 40, Alstom is up 3.61% after reporting first quarter sales of 3.7 billion euros, up 146% as reported, and a level order intake of 6.4 billion euros.

Rémy Cointreau only takes 0.50% after more than doubling its quarterly turnover, driven by the reopening of bars and restaurants in Europe and strong demand in China and the United States

Swiss bank UBS climbs 4.57% after the publication of a quarterly net profit above expectations. It carries in its wake its rival Credit Suisse, up 1.8%.

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In the red on the Stockholm Stock Exchange, Volvo gives up 4.23% after publication of lower than expected operating profit and Electrolux falls 8.71% after warning that supply problems will have more impact in the second semester.

(Report Laetitia Volga, edited by Jean-Michel Bélot)

Copyright © 2021 Thomson Reuters

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