Euro stocks soar, boosted by sector gains
European stocks climbed higher on Thursday, boosted by travel companies and automakers. However, gains were capped across the board by doubts over the monetary policy outlook and indications of slowing global growth.
The pan-European STOXX 600 index inched up 0.2% even as Asian shares edged down amid worries over China’s economy following a run of soft data.
Travel and leisure stocks edged up 1%, leading sectoral gains as they bounced back from a recent selloff over worries about the coronavirus’ Delta variant. Automakers likewise made gains, up by 0.8%.
Economy-sensitive industrial goods and services, the chemical, construction, and materials sectors, all trading at almost record highs, crept up 0.5%.
Meanwhile, Miner BHP Group plummeted 6.1% on ex-dividend trading, pulling down the UK’s blue-chip FTSE 100.
In individual stocks, Swedish Orphan Biovitrum jumped 24.5% following the US venture capital firm Advent International and Aurora Investment’s offer to buy the drugmaker in an estimated 69.4 billion Swedish crowns ($8 billion) deal.