European stocks start September with gains, shake off growth worries

Asian shares recovered from earlier losses after data showed factory activity across the region lost momentum in August as a resurgence in coronavirus cases disrupted supply chains. Investors are awaiting manufacturing activity and unemployment data for the euro zone later in the day.


Reuters | Updated: 01-09-2021 12:51 IST | Created: 01-09-2021 12:48 IST
European stocks start September with gains, shake off growth worries
Representative Image. Image Credit: Pixabay

European stocks rose on Wednesday as fresh signs of weakness in Asian economies were countered by hopes for more stimulus, while investors shook off concerns about rising inflation.

After a seventh straight month of gains, the pan-European STOXX 600 started September with a 0.7% rise, inching towards its mid-August record levels. Asian shares recovered from earlier losses after data showed factory activity across the region lost momentum in August as a resurgence in coronavirus cases disrupted supply chains.

Investors are awaiting manufacturing activity and unemployment data for the euro zone later in the day. Travel & leisure, insurance and technology stocks were the top sectoral gainers, all rising more than 1%.

French spirits maker Pernod Ricard rose 2.6% after it posted a stronger-than-expected rise in full-year operating profit, driven by a strong rebound in demand in China and the United States. Supermarket group Carrefour slid 5.2% as luxury goods billionaire Bernard Arnault sold the 5.7% stake he owned in the company.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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