European stocks rose for a ninth week as U.S. economic data surpassed estimates, outweighing comments by the Federal Reserve and the European Central Bank that disappointed investors looking for more definitive steps to support growth.
A U.S. report showed nonfarm payrolls in the world’s largest economy climbed more than forecast in July. Employers added 163,000 workers last month, according to the Labor Department. That exceeded the 100,000 median estimate of economists.
Confidence among American consumers unexpectedly rose for the first time in five months, a report on July 31 showed. The Confidence Board’s index increased to 65.9 last month from 62.7 in June. Economists projected a reading of 61.5.
National benchmark indexes rose in 16 of the 18 western European markets. France’s CAC 40 Index gained 2.9 percent, the U.K.’s FTSE 100 Index advanced 2.8 percent, while Germany’s DAX Index jumped 2.6 percent.
Vestas jumped 11 percent. The world’s biggest wind-turbine maker allayed investor concern that it may breach its loan covenants, leading to a default scenario. The company said its banks agreed to let it draw on credit lines and defer a test of the covenants.
Air France rallied 11 percent. The company’s operating loss narrowed to 66 million euros ($82 million) from 145 million euros a year earlier, helped by the introduction of a 2 billion- euro savings plan, Air France said on July 30. That beat the 163 million-euro average estimate of analysts.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.