European stocks rebounded on Wednesday and natural gas prices fell sharply, as an end to strike by Norwegian oil and gas workers eased worries of energy supply crunch.<\/p>\n
A major energy crisis in Europe has been averted for now after the Norwegian government reportedly intervened to resolve the dispute over pay.<\/p>\n
Investors also cheered upbeat regional data. German new industrial orders grew 0.1 percent month-on-month in May, reversing the trend after a third consecutive monthly drop, Destatis reported.<\/p>\n
That was in contrast to the revised 1.8 percent decline in April and the expected fall of 0.6 percent.<\/p>\n
Eurozone retail sales rose 0.2 percent in May compared with the previous month, Eurostat said. The April data has been revised to a 1.4 percent decline, instead of the 1.3 percent sequential drop previously estimated.<\/p>\n
The pan European Stoxx 600 rose over 1 percent to 404.83 after losing 2.1 percent the previous day on recession worries. <\/p>\n
The German DAX and France’s CAC 40 indexes gained around 1 percent each while the U.K.’s FTSE 100 was up 1.6 percent. <\/p>\n
Just Eat Takeaway.com shares jumped 17 percent after Amazon agreed to buy a stake in its unit Grubhub.<\/p>\n
Evotec AG added 1 percent. The German drug discovery and development company, Boehringer Ingelheim and bioM\u00e9rieux have established a joint venture Aurobac Therapeutics SAS, with an investment of 40 million euros.<\/p>\n
French car parts maker Faurecia slumped nearly 6 percent after Barclays double-downgraded its rating on the stock to “underweight.”<\/p>\n
Abrdn soared 7.4 percent after the British investment company launched a GBP300-million share buyback program.<\/p>\n
Online booking site Trainline jumped almost 20 percent after the company upped its sales outlook, citing a recovery in demand for travel across Europe amid an influx of U.S. tourists. <\/p>\n