European Shares Recover Early Losses
European stocks recovered from an early slide to turn higher on Wednesday amid bets that a stimulus deal will go through regardless of the U.S. election result.
U.S. President Donald Trump took the lead over Democratic rival Joe Biden in a number of battleground states, making the race for close than polls had predicted.
Meanwhile, investors shrugged off survey data showing that the euro zone’s economic recovery stalled last month due to tightening of lockdown measures.
The pan European Stoxx 600 rose 0.8 percent to 358.67 after climbing 2.3 percent on Tuesday. The German DAX rose half a percent and France’s CAC 40 index gained 0.7 percent while the U.K.’s FTSE 100 was marginally higher.
Supermarket group Ahold Delhaize declined 1.8 percent despite reporting strong Q3 results and raising its outlook for growth in annual earnings.
Wind-turbine maker Vestas slumped 5.4 percent as investors weighed the impact of the U.S. election on the renewable energy sector.
Swiss Life Holding rallied 2 percent after it reported a 10 percent rise in fee income in the first three quarters of the year.
Marks & Spencer surged nearly 4 percent despite the company reporting its first loss in its 94 years amid Covid-19 related store closures.
Smurfit Kappa jumped 3.2 percent. After delivering a stronger-than-expected performance in the third quarter, the packaging company said it was “well positioned” to benefit from trends in e-commerce and demand for sustainable packaging.
French lender Credit Agricole advanced 1.7 percent after reporting a smaller-than-expected fall in third-quarter profit.
German reinsurance giant Hannover rose 1.4 percent after reinstating its profit guidance for 2020.
Similarly, real estate company Vonovia added 3.3 percent after reporting a rise in profit for the first nine months and backing its outlook for 2020.
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