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Europe close: Stocks extend recent rally

Tue, 6th Oct 2020 18:50

(Sharecast News) - European stocks extended their recent gains on Tuesday with investors apparently relieved that the US President's health had improved.
Somewhat ironically, some market observers also believed that Democratic US presidential candidate Joe Biden's widening lead in polls over Donald Trump would at least reduce the risk of post-election uncertainty.

The pan-European Stoxx Europe 600 was edging up 0.07% to 365.88, with Germany's DAX ahead by 0.61% at 12,906.02, while the FTSE Mibtel was up by 0.85% to 19,429.81.

Increasing numbers of Covid-19 cases across the Continent unnerved investors. In the UK, news that an IT blunder in the government's faltering test and trace programme had led to 15,000 cases not being recorded on time also dampened sentiment.

On the economic front, German manufacturing orders rose for the fourth consecutive month in August, according to the federal statistics office Destatis.

Manufacturing orders increased 4.5% in August in adjusted terms after a revised 3.3% expansion in July.

In corporate news, Suez shares rose 4.5% after Veolia Environment disclosed it has almost 30% stake in the water-and-waste management firm.

Veolia wants to buy out its rival, and Suez is seeking a full takeover bid.

Watches of Switzerland was a strong gainer, with the shares soaring nearly 30% as the retailer raised annual sales and core earnings margin guidance, after better-than-expected 18% revenue rise in the first 10 weeks of its second quarter.

Shares in specialist plastics manufacturer Victrex fell as the company warned full-year revenue would fall by 10% and that it was planning to cut 100 jobs, although it added that it was planning to reinstate its dividend.

Shares in Puma added 2.49% even after Kering sold almost 6% in the sportswear manufacturer.

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