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July 1, 2021, 5:48 a.m. EDT

Stocks in Europe gain to open third quarter, with Primark owner rising

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By Steve Goldstein

European stocks advanced on Thursday, kicking off the third quarter with gains.

Up 5% in the second quarter and 13% for the year, the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.90% rose 0.4%.

U.S. stock futures /zigman2/quotes/209948968/delayed ES00 +0.0056% /zigman2/quotes/210219788/delayed NQ00 -0.0049% were mixed after a 14% first-half jump for the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.15% . There are key economic data due for release, with a manufacturing report coming on Thursday and the nonfarm payrolls report coming on Friday. The OPEC+ grouping of oil producers also were set to announce their latest decision.

“The first half of 2021 has been positive for risky assets, supported by the successful vaccine rollout and the reopening of major economies,” said Nadège Dufossé, global head of multiasset at fund manager Candriam. Dufossé said Candriam was tilting its portfolio toward non-U.S. equities, with a balanced approach on styles, and said a relatively stronger purchasing managers index in Europe vs. the U.S. will support rotation toward the region.

The final eurozone manufacturing PMI for June came in at 63.4, up from 63.1 in May and a record high.

Earnings reports were starting to trickle in that showed how companies have benefited from a reopening economy.

Associated British Foods /zigman2/quotes/204493701/delayed UK:ABF -1.13% shares gained 5%, as the conglomerate said revenue in the June 19-ending fiscal quarter jumped 47% thanks to the reopening of Primark clothes stores. One rival, Gap /zigman2/quotes/206554267/composite GPS -1.16% , said it is closing all of its U.K. stores.

Sodexo /zigman2/quotes/206443022/delayed FR:SW +3.58% , the catering company, rose 2% after hiking its fiscal-year sales and margin guidance. Revenue jumped 19% on an organic basis in its fiscal third quarter. Rival Compass Group /zigman2/quotes/200043088/delayed UK:CPG +0.99% rose 3%.

H&M Hennes & Mauritz /zigman2/quotes/208522175/delayed SE:HM.B -0.96% shares fell 1%, as the clothing retailer swung to a profit on a 62% jump in sales and said the third quarter has started “well.” H&M did feel the pain of a backlash in China from deciding not to buy Xinjiang cotton on ethical grounds, as Chinese sales slumped 28%.

/zigman2/quotes/210599654/delayed
XX : STOXX
463.29
-4.21 -0.90%
Volume: 0.00
Sept. 24, 2021 11:03p
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,446.00
+0.25 +0.0056%
Volume: 1.13M
Sept. 24, 2021 3:59p
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/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 15,318.00
-0.75 -0.0049%
Volume: 462,462
Sept. 24, 2021 3:59p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,455.48
+6.50 +0.15%
Volume: 1.69B
Sept. 24, 2021 5:05p
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/zigman2/quotes/204493701/delayed
UK : U.K.: London
1,882.00 p
-21.50 -1.13%
Volume: 2.16M
Sept. 24, 2021 4:35p
P/E Ratio
37.16
Dividend Yield
0.33%
Market Cap
£14.87 billion
Rev. per Employee
£104,624
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/zigman2/quotes/206554267/composite
US : U.S.: NYSE
$ 23.91
-0.28 -1.16%
Volume: 4.38M
Sept. 24, 2021 4:02p
P/E Ratio
12.19
Dividend Yield
2.01%
Market Cap
$9.03 billion
Rev. per Employee
$117,949
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/zigman2/quotes/206443022/delayed
FR : France: Euronext Paris
74.64
+2.58 +3.58%
Volume: 361,094
Sept. 24, 2021 5:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€10.89 billion
Rev. per Employee
€45,707
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/zigman2/quotes/200043088/delayed
UK : U.K.: London
1,483.00 p
+14.50 +0.99%
Volume: 1.41M
Sept. 24, 2021 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£26.45 billion
Rev. per Employee
N/A
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/zigman2/quotes/208522175/delayed
SE : Sweden: Stockholm
kr 177.60
-1.72 -0.96%
Volume: 1.90M
Sept. 24, 2021 5:29p
P/E Ratio
48.97
Dividend Yield
0.00%
Market Cap
kr293.94 billion
Rev. per Employee
N/A
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