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May 7, 2021, 10:58 a.m. EDT

European stocks head toward record high, led by Adidas and Siemens

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By Barbara Kollmeyer

European stocks were headed for a fresh close on Friday, as shares of Adidas and Siemens climbed on upbeat guidance, and investors shook off data showing U.S. jobs growth fell far short of hopes.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.65% rose 0.7% to 444.12, which if it holds into the close would mark a record. The index has gained 1.7% this week so far. The German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.78% climbed 1.2%, thanks to Adidas. The French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.83% was up 0.3% and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.65% rose 0.7%. The euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.0495% and pound /zigman2/quotes/210561263/realtime/sampled GBPUSD +0.0567% both rose against the dollar.

Investors shook off news of disappointing April nonfarm payrolls, which recorded a 266,000 gain instead of the one-million jobs gain expected. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.04% , S&P 500 /zigman2/quotes/210599714/realtime SPX +0.19% , and Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.35% were all climbing.

Global growth remains the theme for markets and interest in specific stocks, said Neil Wilson, chief market analyst for Markets.com, in a note to clients.

“A monster commodity rally continues as the global economy heats up, and massive but messy rotation out of the tech/growth/momentum plays into more cyclical/value parts of the market,” he said. Copper futures for July delivery /zigman2/quotes/210054311/delayed HG00 +0.43% climbed over 2%, in a week that has seen the commodity gain over 5%.

Data from China on Friday showed exports and imports grew faster than expected in April , as global demand remained buoyant and commodity prices remained high.

In Europe, German exports rose 1.2% in March , continuing a recovery despite lockdown restrictions aimed at containing the COVID-19 pandemic. Other data showed industrial production for Germany rose 2.5% in March, also beating expectations, but French industrial production rose less than expected.

Shares of Adidas /zigman2/quotes/206448829/delayed XE:ADS +1.24% soared nearly 9%, toward the top of the Stoxx 600 list of gainers, after the German sporting-goods company guided for higher full-sales as profit climbed in the first quarter and improved across segments. Shares of rival Puma /zigman2/quotes/203655455/delayed XE:PUM +1.68% rose 2%.

“Adidas delivered a high quality Q1 beat, showing first signs of its new strategy, which should be taken well. Sales growth is trending ahead of expectations driven by DTC [direct-to-consumer] and all regions, despite the U.S. and Europe being impacted by bottlenecks,” said a team of UBS analysts led by Zuzanna Pusz.

Siemens /zigman2/quotes/205905025/delayed XE:SIE +1.20% lifted its 2021 guidance, after reporting a sharp rise in fiscal second-quarter net profit , thanks to the performance of its industrial businesses and the sale of its mechanical-drives business Flender. Shares of the German engineering conglomerate rose 3%.

Pharmaceutical names were strong, with shares of Novo Nordisk /zigman2/quotes/203484366/composite NVO -0.37% up over 2%, the day after reporting higher profit and boosted buybacks .

Danish jeweler Pandora /zigman2/quotes/205851124/delayed DK:PNDORA +1.75% reported a revenue gain. The company said around 25% of its physical stores remained temporarily closed due to COVID-19 in April, and 20% are closed currently. Shares rose nearly 3%.

Shares of BMW /zigman2/quotes/202432319/delayed XE:BMW +2.04% were slightly higher, after the German luxury car maker reported a jump in first-quarter profit , and said it plans to meet the higher end of its forecast for the auto-business margin this year. 

Crédit Agricole /zigman2/quotes/209264506/delayed FR:ACA +0.26% posted a 64% forecast-beating jump in net profit for the first quarter, which was boosted by higher revenue and falling provisions for potential credit losses. Shares of the French bank slipped 1.3%.

/zigman2/quotes/210599654/delayed
XX : STOXX
457.51
+2.95 +0.65%
Volume: 0.00
June 11, 2021 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,693.27
+122.05 +0.78%
Volume: 57,088
June 11, 2021 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,600.66
+54.17 +0.83%
Volume: 68,896
June 11, 2021 6:05p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,134.06
+45.88 +0.65%
Volume: 0.00
June 11, 2021 4:55p
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/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.2105
-0.0006 -0.0495%
Volume: 0.0000
June 13, 2021 8:22p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.4114
+0.0008 +0.0567%
Volume: 0.0000
June 13, 2021 8:22p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,479.60
+13.36 +0.04%
Volume: 262.62M
June 11, 2021 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,247.44
+8.26 +0.19%
Volume: 1.69B
June 11, 2021 5:16p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
14,069.42
+49.09 +0.35%
Volume: 3.84M
June 11, 2021 5:16p
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/zigman2/quotes/210054311/delayed
US : U.S.: Nymex
$ 4.56
+0.02 +0.43%
Volume: 1,776
June 13, 2021 8:12p
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/zigman2/quotes/206448829/delayed
XE : Germany: Xetra
294.90
+3.60 +1.24%
Volume: 475,499
June 11, 2021 6:30p
P/E Ratio
59.94
Dividend Yield
1.02%
Market Cap
€57.52 billion
Rev. per Employee
€318,600
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/zigman2/quotes/203655455/delayed
XE : Germany: Xetra
93.28
+1.54 +1.68%
Volume: 143,296
June 11, 2021 6:30p
P/E Ratio
91.86
Dividend Yield
0.17%
Market Cap
€13.95 billion
Rev. per Employee
€364,158
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/zigman2/quotes/205905025/delayed
XE : Germany: Xetra
136.72
+1.62 +1.20%
Volume: 1.04M
June 11, 2021 6:30p
P/E Ratio
21.91
Dividend Yield
2.56%
Market Cap
€109.26 billion
Rev. per Employee
€195,014
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/zigman2/quotes/203484366/composite
US : U.S.: NYSE
$ 84.45
-0.31 -0.37%
Volume: 789,086
June 11, 2021 4:00p
P/E Ratio
29.26
Dividend Yield
1.22%
Market Cap
$191.23 billion
Rev. per Employee
$428,322
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/zigman2/quotes/205851124/delayed
DK : Denmark: OMX
kr. 837.60
+14.40 +1.75%
Volume: 326,029
June 11, 2021 4:59p
P/E Ratio
32.24
Dividend Yield
0.00%
Market Cap
kr.83.49 billion
Rev. per Employee
kr.731,115
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/zigman2/quotes/202432319/delayed
XE : Germany: Xetra
94.74
+1.89 +2.04%
Volume: 941,041
June 11, 2021 6:30p
P/E Ratio
10.36
Dividend Yield
2.01%
Market Cap
€61.68 billion
Rev. per Employee
€819,956
loading...
/zigman2/quotes/209264506/delayed
FR : France: Euronext Paris
12.42
+0.03 +0.26%
Volume: 6.32M
June 11, 2021 5:35p
P/E Ratio
15.13
Dividend Yield
6.44%
Market Cap
€36.30 billion
Rev. per Employee
€561,439
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