{"id":51448,"date":"2023-08-22T05:18:51","date_gmt":"2023-08-22T09:18:51","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/european-shares-rebound-after-four-day-losses-on-energy-healthcare-boost\/"},"modified":"2023-08-22T05:18:54","modified_gmt":"2023-08-22T09:18:54","slug":"european-shares-rebound-after-four-day-losses-on-energy-healthcare-boost","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51448","title":{"rendered":"European shares rebound after four-day losses on energy, healthcare boost"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 18, 2023. REUTERS\/Staff\/File Photo<\/span>
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By Shashwat Chauhan and Ankika Biswas<\/p>\n

(Reuters) -European shares snapped a four-day losing streak on Monday as energy and miners rose, tracking higher global commodity prices, while Danish drugmaker Novo Nordisk (NYSE:) steered gains in the healthcare sector.<\/p>\n

The pan-European ended 0.1% higher, after rising as much as 0.9% intraday, having closed at a six-week low on Friday.<\/p>\n

“It’s a bit of bottom picking…Equity markets have fallen steadily since end-July as the market absorbed disappointment that the likes of the Federal Reserve and European Central Bank were not yet done with hiking rates,” said Stuart Cole, chief macro economist at Equiti Capital.<\/p>\n

Capping gains in equities, however, were higher euro area yields as benchmark climbed to fresh 15-year highs on the view that interest rates will remain higher for longer than initially anticipated.<\/p>\n

Top metals and oil consumer China cut its one-year benchmark lending rate by a lower-than-expected 10 basis points to stimulate credit demand and also surprised markets by keeping the five-year rate unchanged.<\/p>\n

Further, investors keenly awaited the Jackson Hole Symposium later this week, where ECB President Christine Lagarde and Fed Chair Jerome Powell are expected to provide clues about the interest rate outlook.<\/p>\n

Among major sectors, energy and miners added 0.6% and 0.4%, respectively, tracking higher and metals prices. [O\/R]\n

Europe’s healthcare index advanced 0.3% as Novo Nordisk added 0.8% after Morgan Stanley raised its price target on the drugmaker.<\/p>\n

Luxury giants LVMH and Kering <\/span><\/span> (EPA:) also rebounded 0.9% and 1.2%, respectively, after a six-day decline driven by concerns about China’s demand outlook. <\/p>\n

German automotive supplier Continental surged 5.9% to top the STOXX 600 after a report on possible corporate restructuring that would involve sale of assets, aiding a 1.1% rise in the automobiles index.<\/p>\n

Meanwhile, UK homebuilders slid 3.5% after residential housebuilder Crest Nicholson cut its full-year profit view and its shares tumbled 8.8%. <\/p>\n

Separately, an industry survey showed asking prices for homes in Britain fell sharply this month.<\/p>\n

European real estate stocks fell 2%, leading the decline among sector indexes.<\/p>\n

rose 0.2% even as official data showed a higher-than-expected fall in German producer prices in July.<\/p>\n

In a monthly economic report, the Bundesbank said underlying inflation may have peaked but price pressures are easing too slowly and there is a growing risk it gets stuck above 2%.<\/p>\n

Demant gained 3.3% after JP Morgan upgraded the Danish hearing aid maker to “Overweight” from “Neutral”.<\/p>\n

Adyen <\/span><\/span> (AS:) slumped 8.6% after two brokerages downgraded the Dutch digital payments firm’s stock after the company missed half-year expectations on Aug. 17.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 18, 2023. REUTERS\/Staff\/File Photo By Shashwat Chauhan and Ankika Biswas (Reuters) -European shares snapped a four-day losing streak on Monday as energy and miners rose, tracking higher global commodity prices, while Danish drugmaker Novo […]<\/p>\n","protected":false},"author":1,"featured_media":1886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-51448","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nEuropean shares rebound after four-day losses on energy, healthcare boost | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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