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German producer prices post first fall since late 2020
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Report on possible restructuring boosts Continental shares
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Adyen tumbles as brokerages turn bearish
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STOXX 600 up 0.1%
Aug 21 (Reuters) -
European shares snapped a four-day losing streak on Monday as energy and miners rose, tracking higher global commodity prices, while Danish drugmaker Novo Nordisk steered gains in the healthcare sector.
The pan-European STOXX 600 ended 0.1% higher, after rising as much as 0.9% intraday, having closed at a six-week low on Friday.
"It's a bit of bottom picking...Equity markets have fallen steadily since end-July as the market absorbed disappointment that the likes of the Federal Reserve and European Central Bank were not yet done with hiking rates," said Stuart Cole, chief macro economist at Equiti Capital.
Capping gains in equities, however, were
higher euro area yields
as benchmark U.S. 10-year Treasury yields climbed to fresh 15-year highs on the view that interest rates will remain higher for longer than initially anticipated.
Top metals and oil consumer
China
cut its one-year benchmark lending rate by a lower-than-expected 10 basis points to stimulate credit demand and also surprised markets by keeping the five-year rate unchanged.
Further, investors keenly awaited the Jackson Hole Symposium later this week, where ECB President Christine Lagarde and Fed Chair Jerome Powell are expected to provide clues about the interest rate outlook.
Among major sectors, energy and miners added 0.6% and 0.4%, respectively, tracking higher crude oil and metals prices.
Europe's healthcare index advanced 0.3% as Novo Nordisk added 0.8% after Morgan Stanley raised its price target on the drugmaker.
Luxury giants LVMH and Kering also rebounded 0.9% and 1.2%, respectively, after a six-day decline driven by concerns about China's demand outlook.
German automotive supplier Continental surged 5.9% to top the STOXX 600 after a
report
on possible corporate restructuring that would involve sale of assets, aiding a 1.1% rise in the automobiles index.
Meanwhile, UK
homebuilders
slid 3.5% after residential housebuilder Crest Nicholson cut its full-year profit view and its shares tumbled 8.8%.
Separately, an
industry survey
showed asking prices for homes in Britain fell sharply this month.
European real estate stocks fell 2%, leading the decline among sector indexes.
Germany's DAX rose 0.2% even as
official data
showed a higher-than-expected fall in German producer prices in July.
In a monthly economic report, the Bundesbank
said
underlying inflation may have peaked but price pressures are easing too slowly and there is a growing risk it gets stuck above 2%.
Demant gained 3.3% after JP Morgan
upgraded
the Danish hearing aid maker to "Overweight" from "Neutral".
Adyen slumped 8.6% after two brokerages
downgraded
the Dutch digital payments firm's stock after the company
missed
half-year expectations on Aug. 17. (Reporting by Shashwat Chauhan and Ankika Biswas in Bengaluru; Editing by Sherry Jacob-Phillips, Rashmi Aich and Mark Heinrich)
