PARIS (Reuters) – European shares ended higher on Wednesday, supported by retail shares, after Nike’s results were hailed by markets.
In Paris, the CAC 40 rose 2.01% to 6,580.24 points. The British Footsie took 1.72% and the German Dax 1.54%.
The EuroStoxx 50 index rose 1.83%, the FTSEurofirst 300 1.63% and the Stoxx 600 1.71%. The latter thus recorded its best daily performance since November 4.
At the close in Europe, the three major New York indexes were up about 1.5% thanks to Nike’s good quarterly results (+ 13.61%) and an indicator showing an improvement in consumer morale and a decline in their inflation outlook.
These two positives also brought welcome respite to European stocks, which were neglected for several sessions due to recession fears.
The EuroStoxx 50 volatility index (-7.89%) returned to the January level, indicating that investors’ nervousness has eased.
Investors “are excited about the prospect of buying with improving fundamentals, after last week’s sell-off on Federal Reserve concerns,” said Mike Bailey at FBB Capital Partners. “However, inflation, the labor market and corporate earnings remain top priorities for most investors.”
VALUES
The biggest gains in the Stoxx 600 came from German sports equipment manufacturers Adidas (+6.76%) and Puma (+9.45%), which benefited from better-than-expected results presented on Tuesday night by their American competitor Nike. Britain’s JD Sports rose 6.09 percent.
The distribution sector took 2.94%.
Also in London, Cineworld lost 5.26% after AMC announced it had stopped talks to buy some cinemas from the struggling British group.
PRICES/EXCHANGE
Benchmark eurozone bond yields remained close to balance throughout the session, with the 10-year German floor ending the day at 2.3%.
Its US equivalent is steady at 3.6898%.
The dollar index, which measures fluctuations in the dollar against a basket of reference currencies, rose 0.33 per cent. The euro retreated in the same ratio, around 1.0596.
OIL
On the oil market, crude oil prices rose following the announcement by the US Energy Information Agency (EIA) of a sharper-than-expected fall in crude oil inventories in the US.
Brent rose 2.39% to $81.9 a barrel. barrel and US crude oil (West Texas Intermediate, WTI) 2.35% to $78.02.
(Laetitia Volga, edited by Bertrand Boucey)
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