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Business Recorder
21-05-2025
- Business
- Business Recorder
European shares close near nine-week high
FRANKFURT: European stocks closed at near nine-week highs on Tuesday with utilities and telecom firms leading gains, while some positive corporate earnings also bolstered sentiment. The pan-European STOXX 600 index ended 0.7% higher after notching an eight-week high. Most regional bourses also ended up, with ones in Germany and Ireland touching a record high, while Spain's was trading at its highest since 2008. Utilities rose 1.8%, leading broader gains, with Portugal's EDP Renovaveis climbing 4.1% after Deutsche Bank upgraded the stock to 'buy' from 'hold.' Shares of offshore wind power developers Oersted jumped 14.5% and Vestas Wind gained 4.8% after US President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Vodafone's 7.3% gain after the telecom giant said it sees cash-flow growth this year boosted the sector 1.7%. Broader markets also stabilised after a surprise downgrade by Moody's on US sovereign credit late on Friday sapped risk appetite. However, Wall Street had recouped early declines to close flat on Monday. 'The downgrade did shake confidence a little bit yesterday, but it seems like we quickly got over that... So (today) it kind of seems just a little bit of a rebalancing in appetite,' said Daniela Hathorn, senior market analyst at Meanwhile, China cut benchmark lending rates for the first time since October on Tuesday, to help buffer the economy against the impact of the Sino-US trade war. Luxury stocks, which are exposed to Chinese consumers, gained on Tuesday with LVMH up 1.3%, Burberry gaining 3.7% and Kering up 4%. The wider index was up 0.3%. The European Union and Britain announced new sanctions against Russia without waiting for the United States to join them, casting a cloud over future developments in peace talks between Russia and Ukraine. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. On the earnings front, SalMar dropped 7.8% to the bottom of the STOXX 600 after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit.
Business Times
20-05-2025
- Business
- Business Times
Europe: Shares close near nine-week high, powered by utility, telecom stocks
[BENGALURU] European stocks closed at near nine-week highs on Tuesday (May 20) with utilities and telecom firms leading gains, while some positive corporate earnings also bolstered sentiment. The pan-European Stoxx 600 index ended 0.7 per cent higher after notching an eight-week high. Most regional bourses also ended up, with ones in Germany and Ireland touching a record high, while Spain's was trading at its highest since 2008. Utilities rose 1.8 per cent, leading broader gains, with Portugal's EDP Renovaveis climbing 4.1 per cent after Deutsche Bank upgraded the stock to 'buy' from 'hold'. Shares of offshore wind power developers Oersted jumped 14.5 per cent and Vestas Wind gained 4.8 per cent after US President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Vodafone's 7.3 per cent gain after the telecom giant said it sees cash-flow growth this year boosted the sector by 1.7 per cent. Broader markets also stabilised after a surprise downgrade by Moody's on US sovereign credit late on Friday sapped risk appetite. However, Wall Street had recouped early declines to close flat on Monday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'The downgrade did shake confidence a little bit yesterday, but it seems like we quickly got over that... So (today) it kind of seems just a little bit of a rebalancing in appetite,' said Daniela Hathorn, senior market analyst at Meanwhile, China cut benchmark lending rates for the first time since October on Tuesday, to help buffer the economy against the impact of the Sino-US trade war. Luxury stocks, which are exposed to Chinese consumers, gained on Tuesday with LVMH up 1.3 per cent, Burberry gaining 3.7 per cent and Kering up 4 per cent. The wider index was up 0.3 per cent. The European Union and Britain announced new sanctions against Russia without waiting for the United States to join them, casting a cloud over future developments in peace talks between Russia and Ukraine. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. On the earnings front, SalMar dropped 7.8 per cent to the bottom of the Stoxx 600 after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. London-based fast food chain Greggs gained 9.2 per cent after quarterly results while distributor Diploma hit a record high after raising its full-year organic revenue growth forecast. Swiss bank UBS dropped 3.3 per cent, with traders citing a media report that the lender was set to lose the first leg of a battle over government proposals to make it hold more capital. Heineken dipped 3 per cent after Bloomberg News reported Mexico's Femsa had sold its remaining stake in the brewer. REUTERS
Time of India
20-05-2025
- Business
- Time of India
European shares inch higher, supported by utilities and telecom
European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on U.S. tariff policy that has raised concerns about health of the global economy. The pan-European STOXX 600 index was up 0.2% by 0725 GMT, hovering at a seven-week high. Utilities rose 1.1%, with Portugal's EDP Renovaveis climbing 3.5% after Deutsche Bank upgraded the stock to "buy" from "hold." Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Shares of renewable energy firms Oersted jumped 13.3% and Vestas Wind 4% after U.S. President Donald Trump 's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Broader markets also stabilised after a surprise downgrade by Moody's on U.S. sovereign credit late on Friday sapped risk appetite. Live Events Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. Among other stocks, Salmar dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. In the UK, fast food chain Greggs, Upper Crust owner SSP Group and distributor Diploma climbed between 3.7% and 14.5% after reporting results.
Business Recorder
20-05-2025
- Business
- Business Recorder
European shares inch higher, supported by utilities and telecom
European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on US tariff policy that has raised concerns about health of the global economy. The pan-European STOXX 600 index was up 0.2% by 0725 GMT, hovering at a seven-week high. Utilities rose 1.1%, with Portugal's EDP ??Renovaveis climbing 3.5% after Deutsche Bank upgraded the stock to 'buy' from 'hold.' Shares of renewable energy firms Oersted jumped 13.3% and Vestas Wind 4% after US President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Broader markets also stabilised after a surprise downgrade by Moody's on US sovereign credit late on Friday sapped risk appetite. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. European stocks subdued as corporate news outweighs US credit downgrade Among other stocks, Salmar dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. In the UK, fast food chain Greggs, Upper Crust owner SSP Group and distributor Diploma climbed between 3.7% and 14.5% after reporting results.
Reuters
20-05-2025
- Business
- Reuters
European shares inch higher, supported by utilities and telecom
May 20 (Reuters) - European stocks edged up on Tuesday, with utilities and telecom firms leading gains as investors awaited updates on U.S. tariff policy that has raised concerns about health of the global economy. The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.2% by 0725 GMT, hovering at a seven-week high. Utilities (.SX6P), opens new tab rose 1.1%, with Portugal's EDP Renovaveis ( opens new tab climbing 3.5% after Deutsche Bank upgraded the stock to "buy" from "hold." Shares of renewable energy firms Oersted ( opens new tab jumped 13.3% and Vestas Wind ( opens new tab 4% after U.S. President Donald Trump's administration lifted a month-old stop-work order on a major offshore wind facility planned off the coast of New York. Broader markets also stabilised after a surprise downgrade by Moody's on U.S. sovereign credit late on Friday sapped risk appetite. Investors are also awaiting any trade deals, with Trump's reciprocal tariffs set to kick in again in early July. Among other stocks, Salmar ( opens new tab dropped 4% after the Norwegian salmon farmer reported lower-than-expected first-quarter operating profit. In the UK, fast food chain Greggs (GRG.L), opens new tab, Upper Crust owner SSP Group (SSPG.L), opens new tab and distributor Diploma (DPLM.L), opens new tab climbed between 3.7% and 14.5% after reporting results.
