European Shares Rebound In Cautious Trade

European shares rebounded from two-week lows on Friday, though the upside remained capped by concerns surrounding a fresh round of lockdowns, vaccine delays and the stalemate in the U.S. over fiscal stimulus.

The pan European Stoxx 600 rose half a percent to 364.55 after plunging 2.1 percent on Thursday, its worst session in more than three weeks.

The German DAX edged up 0.3 percent, while France’s CAC 40 index and the U.K.’s FTSE 100 were up around 0.8 percent.

Daimler AG rallied 3.4 percent after its preliminary results for the third quarter 2020 came in significantly above market expectations. The automaker said it expects positive impact for the remainder of the year 2020.

Peers Renault and Peugeot jumped 2-3 percent after industry data showed car registrations across the European Union grew 3.1 percent on a yearly basis to 933,987 units in September.

Thyssenkrupp soared 15 percent on reports that privately-held Liberty Steel Group will make an offer for all of the ailing steel unit of the company.

LVMH surged 6.6 percent after the luxury-goods maker saw demand rebound in the third quarter.

Remy Cointreau Group rose about 1 percent after it acquired a majority stake in Champagne J. de Telmont, including its brands, inventory, production facilities and property assets on its estate as well as vineyards in the Champagne region.

Man Group shares surged 5.8 percent. The company said that funds under management rose 4 percent in the third quarter of 2020.

J D Wetherspoon plunged as much as 13 percent after it slumped to a £95m annual loss.

In economic releases, Eurozone consumer prices declined for the second straight month in September, as initially estimated, final data from Eurostat revealed.

Consumer prices decreased 0.3 percent on a yearly basis, following a 0.2 percent drop in August. The statistical office confirmed the flash estimate released on October 2. A similar lower rate was last seen in April 2016.

Source: Read Full Article