European Shares Gain As Economic Worries Ease
(RTTNews) - European stocks climbed on Friday after the number of Americans filing new applications for unemployment benefits fell more than expected last week, calming fears the U.S. economy is heading for a recession.
The pan European STOXX 600 rose about 1 percent to 501.08 after ending flat with a positive bias on Thursday.
The German DAX added 0.6 percent, France's CAC 40 climbed 0.9 percent and the U.K.'s FTSE 100 was up 0.6 percent.
The dollar hovered close to a one-week high against major rivals as traders pared bets on big rate cuts by the Federal Reserve.
Italian insurer Generali Group fell nearly 2 percent after posting a mixed set of results for the first six months of 2024.
Revolution Bars Group soared more than 16 percent in London. The troubled bar firm has secured a High Court's judge approval for its restructuring plan.
Bellway rallied nearly 3 percent. The housebuilder expects to return to growth in fiscal 2025 if market conditions remain stable.
Hargreaves Lansdown climbed 2.3 percent. The investment platform has agreed to a 5.44 billion-pound ($6.94 billion) takeover by a consortium backed by private equity firm CVC Capital Partners.
German optics giant Jenoptik surged 8.5 percent after boosting sales and profits in the second quarter.
Media powerhouse RTL Group added 2 percent as it reported a 4.7 percent year-on-year increase in TV advertising revenue for the first half of the year.
Lanxess jumped 5.7 percent. The specialty chemicals maker confirmed its FY24 view despite posting a 5.6 percent drop in its second-quarter sales.
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