Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

European shares end higher on commodity recovery after bruising week

08/23/2021 | 04:51am EDT

* STOXX 600 index closes 0.7% higher

* Sainsbury's top gainer in STOXX 600 on bid talk

* Euro zone business activity steady in August

* Cembra plunges to bottom of STOXX 600

Aug 23 (Reuters) - European stocks recovered from their biggest weekly loss in nearly six months on Monday, helped by mining and oil stocks as commodity prices bounced back from steep losses driven by uncertainty over U.S. monetary policy and rising COVID-19 cases.

The pan-European STOXX 600 index closed 0.7% higher after losing nearly 1.5% last week. Oil and mining were the best performing sectors, rising about 2.1% and 1.5% respectively.

Sentiment appeared to have improved after growing uncertainty over when the U.S. Federal Reserve would begin tightening policy, which sparked a broad selloff across global markets last week.

Focus now turns to the Fed's annual Jackson Hole Economic Policy Symposium beginning later in the week.

"With the Jackson Hole meeting beginning on Thursday, investors may be reluctant to make big new commitments in the next couple of sessions," Ian Williams, economics & strategy research analyst at Peel Hunt, said.

Data in Europe suggested that business activity remained strong in August, albeit at a slightly slower growth pace than the two-decade peak seen in July.

With a nearly 18% rise so far this year, the STOXX 600 hit a record high earlier this month, but has stumbled recently on concerns over the Delta variant of COVID-19 stalling economic growth.

Among individual stocks, Britain's second-largest grocer Sainsbury's jumped 15.4% and was the best performer on the STOXX 600, following a report that private equity firms were circling the company with a view of possibly launching bids of more than 7 billion pounds ($9.5 billion).

Last week, smaller rival Morrisons backed a 7 billion pounds offer from U.S. private equity group Clayton, Dubilier & Rice.

Germany's BioNTech surged 7.6% after the U.S. Food and Drug Administration granted full approval to the Pfizer Inc/BioNTech COVID-19 vaccine.

Luxury stocks including LVMH, Kering and Moncler clawed back some of last week's losses after being sold off on China's wealth redistribution plans.

Switzerland-based Cembra Money Bank plunged 30.9% to the bottom of the STOXX 600 after it terminated its credit card partnership with Swiss retailer Migros.

French lottery operator La Francaise des Jeux fell 1.7% after Goldman Sachs downgraded the stock to "sell".

(Reporting by Sruthi Shankar and Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta and David Holmes)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BIONTECH SE 2.50% 269.42 Delayed Quote.222.44%
CEMBRA MONEY BANK AG -0.24% 63.3 Delayed Quote.-40.81%
J SAINSBURY PLC 0.13% 297.2 Delayed Quote.31.62%
KERING -0.58% 646.6 Real-time Quote.9.42%
LA FRANÇAISE DES JEUX 0.02% 43.47 Real-time Quote.16.17%
LONDON BRENT OIL 0.79% 85.86 Delayed Quote.62.71%
LVMH MOËT HENNESSY LOUIS VUITTON SE 1.56% 656.1 Real-time Quote.26.44%
MONCLER S.P.A. 2.02% 59.74 Delayed Quote.16.79%
STOXX EUROPE 600 NR 0.32% 1056.57 Delayed Quote.19.74%
WM MORRISON SUPERMARKETS PLC 0.18% 285.6 Delayed Quote.60.76%
WTI 1.34% 83.621 Delayed Quote.71.11%
Latest news "Economy & Forex"
05:57pRenaissance Insurance offers shares at 120 roubles/piece in Moscow IPO
RE
05:57pProtesters denounce Netflix over Chappelle transgender comments
RE
05:49pQualtrics raises full-year sales forecast above Wall Street expectations
RE
05:49pKinder Morgan profit rises as fuel demand heats up
RE
05:49pBritain and New Zealand strike free trade deal
RE
05:48pFed report shows wage pressures amid 'modest to moderate' economic growth
RE
05:39pUK's National Grid to bring back 500 MW at IFA1 interconnector
RE
05:39pThe WSJ Dollar Index Falls 0.17% to 88.03 -- Data Talk
DJ
05:39pEuro Gains 0.13% to $1.1651 -- Data Talk
DJ
05:39pSterling Gains 0.24% to $1.3825 -- Data Talk
DJ
Latest news "Economy & Forex"