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 -0.14% 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 +0.33% jumped 0.7%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.14% rose 0.4%, and the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.59% gained 0.7%. The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0214% and euro /zigman2/quotes/210561242/realtime/sampled EURUSD -0.0248% were both higher against the dollar.

U.S. stocks /zigman2/quotes/210598065/realtime DJIA +1.29% /zigman2/quotes/210599714/realtime SPX +1.22% /zigman2/quotes/210598365/realtime COMP +0.72% 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 -2.19% /zigman2/quotes/207305210/composite BP -1.15% and Royal Dutch Shell /zigman2/quotes/205095589/composite RDS.A -0.47% /zigman2/quotes/206428183/delayed UK:RDSA -1.31% up 2% each, and Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -4.12% shares up 3%. Also helping energy names was a more than 2% rise in oil prices /zigman2/quotes/211629951/delayed CL.1 +0.03% , 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 -1.87% 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 -0.71% /zigman2/quotes/202859081/composite SAN +0.51% 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 -0.42% announced the sale of its Polish unit to German insurer Allianz /zigman2/quotes/210095234/delayed XE:ALV +0.80% for €2.4 billion. Aviva shares rose 0.9% and Allianz shares gained 0.7%.

/zigman2/quotes/210599654/delayed
XX : STOXX
437.32
-0.61 -0.14%
Volume: 0.00
May 13, 2021 11:03p
loading...
/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
15,199.68
+49.46 +0.33%
Volume: 64,374
May 13, 2021 6:30p
loading...
/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
6,288.33
+8.98 +0.14%
Volume: 64,872
May 13, 2021 6:05p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,963.33
-41.30 -0.59%
Volume: 641,085
May 13, 2021 4:58p
loading...
/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.4048
-0.0003 -0.0214%
Volume: 0.0000
May 13, 2021 7:54p
loading...
/zigman2/quotes/210561242/realtime/sampled
US : Tullett Prebon
1.2078
-0.0003 -0.0248%
Volume: 0.0000
May 13, 2021 7:54p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,021.45
+433.79 +1.29%
Volume: 352.81M
May 13, 2021 5:03p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,112.50
+49.46 +1.22%
Volume: 2.16B
May 13, 2021 5:03p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
13,124.99
+93.31 +0.72%
Volume: 4.18M
May 13, 2021 5:16p
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
308.40 p
-6.90 -2.19%
Volume: 43.53M
May 13, 2021 4:36p
P/E Ratio
N/A
Dividend Yield
4.86%
Market Cap
£63.53 billion
Rev. per Employee
£2.21M
loading...
/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 25.89
-0.30 -1.15%
Volume: 13.31M
May 13, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
4.79%
Market Cap
$89.56 billion
Rev. per Employee
$2.86M
loading...
/zigman2/quotes/205095589/composite
US : U.S.: NYSE
$ 39.07
-0.18 -0.47%
Volume: 6.22M
May 13, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.90%
Market Cap
$152.04 billion
Rev. per Employee
$1.97M
loading...
/zigman2/quotes/206428183/delayed
UK : U.K.: London
£ 1,382.40
-18.29 -1.31%
Volume: 3.44M
May 13, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.04%
Market Cap
£107.85 billion
Rev. per Employee
£1.52M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
6,304.00 p
-271.00 -4.12%
Volume: 2.66M
May 13, 2021 4:35p
P/E Ratio
13.55
Dividend Yield
6.48%
Market Cap
£108.46 billion
Rev. per Employee
£732,787
loading...
/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 63.84
+0.02 +0.03%
Volume: 2,835
May 13, 2021 7:44p
loading...
/zigman2/quotes/202892434/delayed
add Add to watchlist DK:MAERSK.B
DK : Denmark: OMX
kr. 15,505.00
-295.00 -1.87%
Volume: 29,663
May 12, 2021 4:59p
P/E Ratio
8.97
Dividend Yield
2.13%
Market Cap
kr.292.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205677933/delayed
ES : Spain: Madrid
3.26
-0.02 -0.71%
Volume: 50.61M
May 13, 2021 5:38p
P/E Ratio
N/A
Dividend Yield
0.84%
Market Cap
€56.91 billion
Rev. per Employee
€337,634
loading...
/zigman2/quotes/202859081/composite
US : U.S.: NYSE
$ 3.96
+0.02 +0.51%
Volume: 4.25M
May 13, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$68.73 billion
Rev. per Employee
$384,895
loading...
/zigman2/quotes/210517151/delayed
UK : U.K.: London
401.80 p
-1.70 -0.42%
Volume: 5.76M
May 13, 2021 4:35p
P/E Ratio
5.75
Dividend Yield
5.23%
Market Cap
£15.85 billion
Rev. per Employee
£1.62M
loading...
/zigman2/quotes/210095234/delayed
XE : Germany: Xetra
215.20
+1.70 +0.80%
Volume: 886,435
May 13, 2021 6:30p
P/E Ratio
13.29
Dividend Yield
4.46%
Market Cap
€87.97 billion
Rev. per Employee
€799,371
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.