European shares extend recovery as investors focus on Fed update

Author of the article: European shares extended gains on Wednesday, as cautious traders awaited the outcome of the U.S. Federal Reserve’s two-day meeting later in the session for clues on monetary policy tightening in the face of surging inflation. The pan-European STOXX 600 rose 1.1%, with all sectors in the black. Travel and mining stocks…
European shares extend recovery as investors focus on Fed update

Author of the article:

European shares extended gains on Wednesday, as cautious traders awaited the outcome of the U.S. Federal Reserve’s two-day meeting later in the session for clues on monetary policy tightening in the face of surging inflation.

The pan-European STOXX 600 rose 1.1%, with all sectors in the black. Travel and mining stocks led gains.

The Fed will update its interest rate plan at 1900 GMT after its meeting, with markets priced for a first rate hike in March, and three more quarter-point increases by year-end.

Hygiene products group Essity dropped 3.4%, after posting a bigger-than-expected fall in quarterly profit and saying it planned to raise prices further in the face of record high costs.

Italian fashion group Tod’s jumped 10.1% after announcing that sales last year rose by almost 40%, the first increase after five years of consecutive declines, beating market expectations.

Swiss drug contract manufacturer Lonza gained 2%, after reporting a 20% jump in 2021 core earnings, shored up by demand for the substances it supplies for new mRNA COVID-19 vaccines. (Reporting by Anisha Sircar in Bengaluru; Editing by Rashmi Aich)

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Russia launches deadly new attacks on central Kyiv using drones
Read More

Russia launches deadly new attacks on central Kyiv using drones

Author of the article: KYIV — Russia attacked Ukrainian cities with drones on Monday, killing at least three people in an apartment building in downtown Kyiv during morning rush hour, and targeting infrastructure across the country in a second large wave of air strikes in a week. Ukrainian soldiers fired into the air trying to…
Japan February exports rise 19.1% year/year -MOF
Read More

Japan February exports rise 19.1% year/year -MOF

Author of the article: TOKYO — Japan’s exports rose 19.1% in February from a year earlier, Ministry of Finance (MOF) data showed on Wednesday. The rise was roughly in line with the 21.0% increase expected by economists in a Reuters poll, and follows growth of 9.6% in January. February imports gained 34.0% year-on-year, versus the…
Munger says retail trading firm Robinhood getting comeuppance
Read More

Munger says retail trading firm Robinhood getting comeuppance

Author of the article: OMAHA — Berkshire Hathaway’s vice-chairman Charles Munger said on Saturday that retail broker Robinhood Markets Inc, which is trading near a record low, was getting its comeuppance. After a peak in 2020 in trading volumes, Robinhood posted a 43% fall in first-quarter revenue earlier this month as transaction volumes declined across…