Market Insider

UK general election, data, earnings

A person enters polling station during general election in London, Great Britain on July 4, 2024. 

Nurphoto | Nurphoto | Getty Images

LONDON — European stocks closed higher for a second straight session Thursday, regaining some momentum as the U.K.’s general election draws focus in the region.

The regional Stoxx 600 index provisionally closed up 0.6% higher. Banks rose 1.3% to lead the gains with most sectors and major bourses trading in positive territory.

German manufacturer Continental AG jumped 9.5% to the top of the index after Citi analysts upgraded the stock to a “buy” rating and noted tailwinds for its automotive division in the second quarter.

Meal-kit firm Hellofresh meanwhile climbed 10%, taking its weekly gains to nearly 33%. JP Morgan removed the stock from its Negative Catalyst Watch, citing stabilizing meal-kit trends in North America.

In the political sphere, the U.K. general election is being held Thursday. Polling stations are open from 7a.m. to 10 p.m. local time. Voter surveys conducted in the run-up to the election pointed to a significant win for the center-left Labour Party, potentially ending 14 years of Conservative Party rule.

Yields on U.K. government bonds, known as gilts, were slightly higher just before midday in London, with the two-year yield up two basis points to 4.182%. The British pound was near-flat against both the U.S. dollar and the euro.

Overnight, Asia-Pacific markets were mostly up Thursday as Japan’s Topix crossed its all-time high of 2,886.50, previously set in December 1989.

Stock picks and investing trends from CNBC Pro:

The S&P 500 rose to new highs in Wednesday’s shortened trading session as investors appeared to shrug off sluggish economic data. Trading volume was muted Wednesday, with the New York Stock Exchange closing early at 1 p.m. ET. The exchange will be shut on Thursday for Independence Day.

There are no major European earnings or data releases Thursday.

Source link

Share with your friends!

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up now for breaking stock alerts

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.