European Stocks Rebound on Thursday
European stocks closed sharply higher on Thursday, enough to erase losses from the last three sessions as markets assessed a batch of key corporate returns and reassessed the outlook of European trade.
The Eurozone's STOXX 50 gained 1.6% to close at 5,370 and the pan-European STOXX 600 advanced 1% to close at 547. Schneider Electric soared 7.7% to lead the gains in the Eurozone on reports it may acquire Temasek’s remaining 35% stake in its Indian subsidiary. In the meantime, ASML jumped 3.9% to trim its plunge from the previous session on the pessimistic guidance. Banks and other tech stocks also closed higher.
On the other hand, Nordea dropped 2.7% after posting smaller profits than expected. Outside the Eurozone, ABB soared 9.9% after reporting a record order intake. On the other hand, Novartis fell nearly 2% even though it beat profit expectations and announced a $10 billion share buyback.
Source: Trading Economics
