European stocks extend gains for sixth straight day

European stocks rose for a sixth consecutive session to hover near record highs on Wednesday, as some positive earnings reports helped overshadow worries that soaring natural gas prices were feeding into inflationary pressures. The pan-European STOXX 600 inched up 0.1% by 0823 GMT after better-than-expected U.S. retail data lifted Wall Street equities on Tuesday. Travel and leisure stocks fell 1%, dragged down by Swedish online gaming company Evolution.


Reuters | Updated: 17-11-2021 14:32 IST | Created: 17-11-2021 14:16 IST
European stocks extend gains for sixth straight day
Representative Image Image Credit: Pixabay

European stocks rose for a sixth consecutive session to hover near record highs on Wednesday, as some positive earnings reports helped overshadow worries that soaring natural gas prices were feeding into inflationary pressures.

The pan-European STOXX 600 inched up 0.1% by 0823 GMT after better-than-expected U.S. retail data lifted Wall Street equities on Tuesday. German medical tech firm Siemens Healthineers gained 4.4% after raising synergy targets from its Varian acquisition earlier this year.

Tech stocks were led higher by gains in chipmakers and British software firm Sage Group following its results. Swiss luxury firm Richemont extended its rally for a fifth day, up 1.7% to an all-time high after a slew of price target raises by brokerages.

Dutch front-month contract for wholesale gas rose about 5%, adding to a 15% surge in the previous session after Germany temporarily halted the certification process for Nord Stream 2, a major new pipeline bringing Russian gas into Europe, adding to concerns around soaring costs across the continent. Travel and leisure stocks fell 1%, dragged down by Swedish online gaming company Evolution.

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

Give Feedback