European stocks rebounded on Friday as government bonds stopped rebounding for eight days due to concerns over global growth amid the prevalence of Covid-19 variants.
US 10-year Treasury yields rose 3.8 bps after falling 14 basis points in the first four days of the week.
Yields on 10-year foreign bonds in Germany and other major eurozone government bonds such as France and the Netherlands have also risen today.
The focus now shifts to the G20 Finance Ministers and Central Bank Governors’ meeting in Venice, Italy, today and tomorrow, with global tax reform on the agenda.
After a 1.7% plunge on Thursday, the Pan-European STOXX 600 rose 1.1% to 456.58. Germany’s DAX rose about 1%, France’s CAC 40 index rose 1.9%, and the UK’s FTSE 100 rose 0.9%.
The cycle was once again supported by banks and automakers recording a sharper rise.
French earth science Technology Company CGG has advanced 2.3 percent. The company said the planned monetization of assets and the sale of the business for sale are on track and are expected to be completed by the beginning of the fourth quarter.
Airplane maker Airbus surged 4.5% after reporting a 52% surge in jet deliveries in early 2021.
Miners have rebounded, with British-Americans, Antofagasta and Glencore all rising by more than 2% in London.
Travel-related strains such as EasyJet, Ryanair and British Airways owner IAG will be quarantined by the government starting July 19 when fully vaccinated British residents and children return to the UK. It rose about 3% after announcing that it was no longer needed.
Seniors, a supplier of aircraft and auto parts, rose 1.2% after raising fiscal year guidance.
Victrex, a supplier of high-performance polymer solutions, grew 1.4% in the third quarter after a 37% increase in group revenue from last year.
Burberry, a luxury group, surged 3.4% after Goldman Sachs upgraded its shares to “buy.”
French rival LVMH Moet Hennessir Iviton was up 3.2% and Hermes International was up 2.4%.
Investors shrug data showing Britain Economy Despite the relaxation of COVID-19-related restrictions, it expanded at a slower pace in May.
Gross domestic product grew 0.8% month-on-month in May, slower than the revised 2% growth and economist forecast + 1.5% announced in April. Nevertheless, GDP has risen for the fourth straight month.
Contact for comments and feedback: [email protected]