Major European Markets Close Higher Ahead Of Key Results

2024-08-28 3166
(fxcue news) - The major European markets closed mostly higher on Wednesday with investors taking some fresh positions ahead of a slew of crucial regional and U.S. economic data due later in the week. Investors also awaited results from Nvidia due later today. Even as markets in Germany and France managed to stay higher right through the day's session, the UK market swung between gains and losses in cautious trade. The pan European Stoxx 600 ended up by 0.33%. Germany's DAX climbed 0.54% and France's CAC 40 gained 0.16%, while the U.K.'s FTSE 100 edged down 0.02%. Switzerland's SMI ended 0.42% up. Other markets in Europe ended mixed. Belgium, Netherlands and Sweden closed higher. Austria, Finland, Spain and Turkiye edged up marginally. Denmark, Greece, Iceland, Norway, Poland, Portugal and Russia ended weak. On the economic front, French consumer confidence improved in August to the highest point since the start of the war in Ukraine, survey results published by the statistical office INSEE showed on Wednesday. The consumer confidence index rose to 92 in August, in line with forecast, from 91 in July. This was the highest since February 2022. Nonetheless, the score remained below its long-term average. Eurozone private sector credit increased in July but the pace of growth remained weak as high interest rate continued to weigh on borrowing, official data revealed. Adjusted loans to the private sector expanded 1.3% from a year ago in July, faster than the 1.1% rise in June, the European Central Bank reported. In the UK market, Coca-Cola HBC shares climbed more than 3%. BAE Systems, United Utilities, Aviva, Reckitt Benckiser, Rolls-Royce Holdings, Weir Group, National Grid, Experian, Smith (DS) and Intertek Group gained 1 to 2.2%. GSK climbed higher after a U.S. court decided to review whether evidence supporting claims that heartburn drug Zantac causes cancer is scientifically sound. Antofagasta dropped about 6%. JD Sports Fashion ended lower by 4.05%. Natwest Group drifted down 3.25%. Endeavour Mining, Barclays, Entain, Whitbread, Burberry Group, Easyjet, Anglo American Plc, B&M European Value Retail, Lloyds Banking, Glencore, Fresnillo, Rio Tinto and Shell lost 1 to 3%. In the German market, Covestro and Symrise both gained about 3%. Munich RE, Allianz, Brenntag, Rheinmetall, Adidas, Deutsche Boerse, Siemens Healthineers, E.ON, Merck, Qiagen and Hannover Rueck advance 1 to 2%. Zalando ended down nearly 3%. Puma and BMW both closed lower by nearly 1.5%. In the French market, Publicis Groupe, Danone, ArcelorMittal, Veolia and Air Liquide gained 1 to 1.3%. Pernod Ricard, Schneider Electric, AXA and Bouygues also posted notable gains. Kering, Teleperformance, STMicroElectronics, Renault, Michelin, Hermes International and LVMH closed lower by 0.5 to 1.2%.
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