{"id":107636,"date":"2021-01-07T10:45:16","date_gmt":"2021-01-07T10:45:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107636"},"modified":"2021-01-07T10:45:16","modified_gmt":"2021-01-07T10:45:16","slug":"st-gobain-commodity-rally-drive-european-stocks-higher","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/st-gobain-commodity-rally-drive-european-stocks-higher\/","title":{"rendered":"St Gobain, commodity rally drive European stocks higher"},"content":{"rendered":"
(Reuters) -European stocks climbed for a second straight session on Thursday, as construction stocks gained on upbeat sales forecast from Saint Gobain and commodity-linked shares rose on hopes of larger U.S. stimulus after Democrats won Senate control.<\/p> The pan-European STOXX 600 index advanced 0.2% to hold near February 2020 highs, while London\u2019s blue-chip FTSE 100 gained 0.4% and Germany\u2019s DAX index was up 0.5%.<\/p>\n Construction & material stocks were the top gainers, led by a 5.9% surge in France\u2019s Saint Gobain after it said fourth-quarter results would significantly exceed expectations.<\/p>\n Meanwhile, economically sensitive sectors such as mining , energy and industrials extended their rally on the prospects of more U.S. stimulus after Democrats won control of the Senate.<\/p>\n Gains in Swedish industrial companies Atlas Copco, Sandvik and Volvo drove Stockholm stocks to all-time highs.<\/p>\n \u201cWe highlight that Basic Resources, Construction & Materials have underperformed since the beginning of December and, given their sensitivity to fiscal policy in general through infrastructure investment, they have catch up potential,\u201d Unicredit analysts said in a note.<\/p>\n European wind turbine makers Vestas, Orsted and Siemens Gamesa all extended gains from the previous session.<\/p>\n Renewable stocks are widely considered as winners of a Joe Biden administration, given the U.S. president-elect\u2019s proposed $2 trillion climate plan.<\/p>\n Sentiment was also boosted by European approval for a second COVID-19 vaccine developed by Moderna Inc.<\/p>\n Meanwhile, demand for German-made goods defied expectations, rising 2.3% in November, the latest in a string of data points showing the Europe\u2019s largest economy being unexpectedly resilient in the face of the pandemic.<\/p>\n Among other movers, LafargeHolcim rose 1.4% after the world\u2019s biggest cement maker said it would buy Firestone Building Products from Bridgestone Americas in a deal worth $3.4 billon.<\/p>\n Delivery Hero slipped 1.4% after the German food delivery firm said it raised around 1.2 billion euros ($1.48 billion) by issuing new shares to fund growth.<\/p>\n Mitchells & Butlers tumbled 7.6% after the British pub operator said it was exploring an equity capital raise as a new national lockdown shut its sites across England.<\/p>\n