Bulletin
Investor Alert

Europe Markets Archives | Email alerts

March 26, 2021, 10:12 a.m. EDT

Mining and energy stocks climb in Europe as U.S. post-pandemic optimism spreads

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    STOXX Europe 600 Index (SXXP)
  • X
    DAX (DAX)
  • X
    CAC 40 Index (PX1)

or Cancel Already have a watchlist? Log In

By Barbara Kollmeyer

European stocks look set to log their biggest one-day gain in a week on Friday, driven by spillover from a positive Wall Street session after upbeat U.S. economic data.

The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.02% climbed 0.8% to 425.93 after a modest decline on Thursday. The index is flat for the week. The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.01% jumped 0.7%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.08% rose 0.4%, and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.27% gained 0.7%. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.3473% and euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.3942% were both higher against the dollar.

U.S. stocks /zigman2/quotes/210598065/realtime DJIA +0.45% /zigman2/quotes/210599714/realtime SPX -0.03% /zigman2/quotes/210598365/realtime COMP -0.52% traded higher early Friday, brushing aside data showing the biggest decline in consumer spending in 10 months for February, due to winter weather and a lull in government stimulus payments. New federal checks are expected to spark a rebound in spending over the coming months.

That follows Thursday’s session that saw U.S. stocks bounce back from deep declines to end higher, inspired by better-than-expected weekly jobless claims. President Joe Biden also announced a new U.S. COVID-19 vaccination target of 200 million shots during his first 100 days in office.

Mining and oil names were leading the gains in Europe, with shares of BP /zigman2/quotes/202286639/delayed UK:BP +0.99% /zigman2/quotes/207305210/composite BP +0.83% and Royal Dutch Shell up 2% each, and Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -0.52% shares up 3%. Also helping energy names was a more than 2% rise in oil prices /zigman2/quotes/211629951/delayed CL.1 -2.86% , which climbed as a giant shipping container remained lodged in the crucial Suez Canal waterway .

Shares of shipping giant AP Moeller Maersk /zigman2/quotes/202892434/delayed DK:MAERSK.B +2.51% surged 4%, tracking similar gains for some Asian shipping companies.

On the data front, U.K. retail sales climbed 2.1% in February. Meanwhile, the U.K. government on Thursday voted to extend coronavirus emergency powers until September, while also approving the government’s plan to gradually ease the lockdown over the next three months.

Elsewhere, German business sentiment beat expectations and reached its highest level since June 2019, the Ifo Institute said on Friday. That is as Germany continues to struggle with its third wave of the coronavirus disease and a slow vaccine rollout for the European Union.

Germany is set to label France as a high-risk zone for COVID-19, Chancellor Angela Merkel said on Thursday, which has sparked some concerns the country will tighten up its border controls with France.

Andrew Kenningham, chief Europe economist at Capital Economics, cautioned against reading too much into the data, as “the rest of the economy is faring less well, and the extension of the virus restrictions means a sustained recovery is unlikely until the second half of the year.”

Banks were climbing, led by a 2.6% gain for Banco Santander /zigman2/quotes/205677933/delayed ES:SAN +1.72% /zigman2/quotes/202859081/composite SAN +2.46% after the Spanish lender said late on Thursday that its board has approved a dividend of 2.75 European cents (3.23 U.S. cents) a share to be paid in cash.

Europe also got some mergers and acquisitions news, as U.K. multinational insurer Aviva /zigman2/quotes/210517151/delayed UK:AV +0.33% announced the sale of its Polish unit to German insurer Allianz /zigman2/quotes/210095234/delayed XE:ALV +0.20% for €2.4 billion. Aviva shares rose 0.9% and Allianz shares gained 0.7%.

/zigman2/quotes/210599654/delayed
XX : STOXX
440.73
-0.11 -0.02%
Volume: 0.00
Nov. 25, 2022 11:03p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
14,541.38
+1.82 +0.01%
Volume: 46,218
Nov. 25, 2022 6:30p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,712.48
+5.16 +0.08%
Volume: 47,928
Nov. 25, 2022 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,486.67
+20.07 +0.27%
Volume: 445,496
Nov. 25, 2022 4:57p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2052
-0.0042 -0.3473%
Volume: 0.0000
Nov. 27, 2022 11:48p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.0359
-0.0041 -0.3942%
Volume: 0.0000
Nov. 27, 2022 11:48p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,347.03
+152.97 +0.45%
Volume: 0.00
Nov. 25, 2022 2:32p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,026.12
-1.14 -0.03%
Volume: 0.00
Nov. 25, 2022 2:32p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
11,226.36
-58.96 -0.52%
Volume: 2.23B
Nov. 25, 2022 4:30p
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
488.35 p
+4.80 +0.99%
Volume: 24.86M
Nov. 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
4.07%
Market Cap
£88.37 billion
Rev. per Employee
£2.66M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 35.27
+0.29 +0.83%
Volume: 3.51M
Nov. 25, 2022 1:10p
P/E Ratio
N/A
Dividend Yield
3.84%
Market Cap
$106.88 billion
Rev. per Employee
$3.38M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,379.00 p
-28.00 -0.52%
Volume: 1.18M
Nov. 25, 2022 4:35p
P/E Ratio
6.58
Dividend Yield
9.82%
Market Cap
£89.03 billion
Rev. per Employee
£917,806
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 74.10
-2.18 -2.86%
Volume: 34,743
Nov. 27, 2022 11:39p
loading...
/zigman2/quotes/202892434/delayed
add Add to watchlist DK:MAERSK.B
DK : Denmark: OMX
kr. 15,495.00
+380.00 +2.51%
Volume: 17,786
Nov. 25, 2022 4:59p
P/E Ratio
1.37
Dividend Yield
16.13%
Market Cap
kr.277.63 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
2.83
+0.05 +1.72%
Volume: 45.81M
Nov. 25, 2022 5:38p
P/E Ratio
5.41
Dividend Yield
3.14%
Market Cap
€47.51 billion
Rev. per Employee
€426,767
loading...
/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 2.92
+0.07 +2.46%
Volume: 2.20M
Nov. 25, 2022 1:10p
P/E Ratio
5.16
Dividend Yield
2.58%
Market Cap
$49.44 billion
Rev. per Employee
$459,825
loading...
/zigman2/quotes/210517151/delayed
UK : U.K.: London
456.60 p
+1.50 +0.33%
Volume: 3.35M
Nov. 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
6.79%
Market Cap
£12.76 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210095234/delayed
XE : Germany: Xetra
205.35
+0.40 +0.20%
Volume: 866,998
Nov. 25, 2022 6:30p
P/E Ratio
19.44
Dividend Yield
5.26%
Market Cap
€82.77 billion
Rev. per Employee
€852,820
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.