European stocks rose modestly on Thursday to extend gains for the third straight session as positive Chinese trade data and hopes of a large stimulus under the Biden administration helped outweigh concerns over rising Covid-19 infections and the resultant lockdowns.
Investors shrugged off the first calculation from Destatis showing that the German economy suffered a deep recession after a ten-year growth period.
GDP fell 5 percent in 2020, in contrast to the 0.6 percent rise seen in 2019.
However, the economic downturn was less serious than in 2009, when GDP slid 5.7 percent.
In calendar-adjusted terms, GDP was down 5.3 percent versus a 0.6 percent rise in the previous year.
The pan European Stoxx 600 edged up 0.4 percent to 410.70 after closing up 0.1 percent in the previous session. The German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were up between 0.3 percent and 0.6 percent.
German automotive parts supplier HELLA GmbH & Co. KGaA was up 1.3 percent after posting strong second-quarter results.
Wind turbine manufacturer Nordex Group rose over 1 percent. The company said that it received an order for its N163/5.X turbines of the Delta4000 series about 131 MW in Sweden, at the end of 2020.
Dialog Semiconductor gained 0.7 percent after Taiwan’s TSMC posted a record high quarterly profit.
ASML Holding advanced 2.4 percent and ASM International soared 5.2 percent after Barclays boosted its price target on the stocks.
Geberit, which makes bathroom ceramics, lost 3.2 percent. The Swiss company said a stronger franc stripped out 136 million Swiss francs ($153.15 million) from its sales during 2020.
Carrefour shares plunged 6.3 percent after the French government signaled initial opposition to Canadian convenience-store operator Alimentation Couche-Tard Inc. buying the company.
Groupe Renault gave up 1.4 percent. The automaker increased its cost-savings target and plans to reduce vehicle productions to focus on electric vehicles.
Shares of Centrica rallied 2.6 percent after the British energy and services company said it currently expects to report 2020 full year adjusted earnings per share from continuing and discontinued operations ahead of current market consensus.
Premier Inn-owner Whitbread jumped 3 percent. After reporting a sharp fall in total sales for the third quarter of fiscal 2021, the company said its strong balance sheet provides the opportunity to take full advantage of the enhanced structural opportunities that are already visible in the market.
Retailer Tesco gave up 1.6 percent despite posting record Christmas sales.
Similarly, fashion retailer Boohoo lost 1.5 percent despite raising its strong growth forecasts for 2021.
Homebuilder Taylor Wimpey declined 1.8 percent after reporting a fall in sales in the second quarter of the year.
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