European Shares Rally On Trump Election Lead

(RTTNews) - European stocks were sharply higher on Wednesday as former U.S. President Donald Trump neared the majority mark of 270 electoral votes after taking comfortable position in four of the seven swing states.

Speaking to his supporters early today, Trump expressed that this moment would "help this country heal."

Investors also cheered the results of a survey that showed Eurozone business activity held steady last month, a small improvement from September's modest decline.

A separate report revealed Germany's factory orders rebounded in September on strong growth in aircraft and other transport equipment orders.

Factory orders advanced 4.2 percent on a monthly basis in September, in contrast to the revised 5.4 percent decline in August, Destatis reported.

The pan European STOXX 600 rallied 1.5 percent to 517.10 after ending flat with a positive bias on Tuesday.

The German DAX climbed 1.2 percent, France's CAC 40 surged 1.7 percent and the U.K.'s FTSE 100 added 1.1 percent.

Shares of Lancashire Holdings jumped more than 10 percent in London. The British specialty insurance and reinsurance group has reported a 9 percent year-on-year increase in GWP to $1.7bn for the first nine months of 2024.

Lloyd's of London insurer Beazley rallied 3.6 percent after reiterating its full-year undiscounted combined ratio guidance of around 80 percent.

Prudential surged 5 percent after it posted a 11 percent rise in new business profit for the first nine months of fiscal 2024.

Homebuilder Persimmon slumped 5.2 percent as it flagged concerns around signs of build costs emerging in price negotiations for 2025.

Retail giant Marks and Spencer soared 5.2 percent after beating first-half profit expectations.

French lender Credit Agricole fell nearly 4 percent after reporting mixed Q3 results as weakness at some of its retail businesses overshadowed record revenues at its investment banking unit.

Siemens Healthineers jumped almost 7 percent after the German medical technology company reported revenue growth and full year adjusted earnings before interest and taxes (EBIT) in line with estimates.

Evotec SE, a pharmaceutical drug discovery and development company, slumped 14 percent after reporting declines in revenues and profits in the first nine months of the year.

Sports brand PUMA fell 5 percent after Q3 sales came in below expectations. Automaker BMW declined 3.7 percent on reporting a 61 percent drop in its quarterly third-quarter profit.

Software developer TeamViewer lost over 9 percent after trimming its revenue forecast.