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       EU0009658145

EURO STOXX 50

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European shares propped up by commodities, Powell speech in focus

06/22/2021 | 12:11pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European shares settled higher on Tuesday as mining and energy stocks benefited from stable commodity prices, while investors hunkered down ahead of a speech by U.S. Federal Reserve chair Jerome Powell.

The pan-European STOXX 600 closed 0.3% higher after flitting between gains through the session, with mining stocks rising 1.3% as base metal prices appeared to have stabilized from a recent plunge. [O/R]

Chemical stocks rose 1.1% to a record high, as investors favoured sectors most likely to benefit from an economic recovery this year.

Irish stocks were the best performers in the region, surging 1.6% after Northern Ireland's Democratic Unionist Party named Jeffrey Donaldson as its new leader - its third leader in a matter of weeks amid crucial post-Brexit talks.

Irish stocks had tumbled last week after Donaldson's predecessor, Edwin Poots, resigned after just three weeks on the job.

Among broader markets, economically sensitive sectors including banks and industrials rose amid signals that the Fed could soon begin raising interest rates.

The focus this week will be on a slew of Fed speakers, beginning with Chair Jerome Powell, who is due to speak before the U.S. Congress on Tuesday at 1800 GMT.

"If Powell is among the members believing that monetary policy normalisation should start in the months to come, equities and other risk-linked assets are likely to pull back again," said Charalambos Pissouros, senior market analyst at JFD Group.

After logging its worst week in four months on Friday, the pan-European STOXX 600 was helped by encouraging comments from European Central Bank President Christine Lagarde on economic growth.

Europe's volatility index was down at 17.77 after spiking to a one-month high of 22.99 on Monday.

Oil and gas stocks rose 0.9% as oil prices recovered from recent losses, while real estate stocks were also among the top gainers.

Travel and leisure stocks rose 0.5% after British Health Secretary Matt Hancock said the country was working on easing travel restrictions for fully vaccinated people.

Among individual movers, Irish building insulation maker Kingspan Group topped the STOXX 600 after it forecast strong sales for the first half of 2021.

French healthcare group Sanofi fell 0.6% even as it said the company and its U.S. partner Translate Bio had started a Phase I clinical trial evaluating an mRNA-based investigational vaccine against seasonal influenza.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta, Rashmi Aich and Jonathan Oatis)

By Sagarika Jaisinghani and Ambar Warrick


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.02% 0.6185 Delayed Quote.-1.28%
BRITISH POUND / EURO (GBP/EUR) 0.05% 1.1713 Delayed Quote.4.95%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.00% 0.676119 Delayed Quote.4.98%
EURO STOXX 50 -0.67% 4089.3 Delayed Quote.15.11%
INDIAN RUPEE / EURO (INR/EUR) 0.00% 0.011329 Delayed Quote.1.10%
STOXX EUROPE 600 NR -0.45% 1033.73 Delayed Quote.17.52%
US DOLLAR / EURO (USD/EUR) 0.01% 0.842673 Delayed Quote.2.72%
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Technical analysis trends EURO STOXX 50
Short TermMid-TermLong Term
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Top / Flop EURO STOXX 50
ESSILORLUXOTTICA 159.16 Real-time Quote.3.38%
LINDE PLC 307.39 Delayed Quote.2.65%
DANONE 62.06 Real-time Quote.1.97%
SCHNEIDER ELECTRIC SE 141.3 Real-time Quote.1.80%
KONINKLIJKE PHILIPS N.V. 38.89 Real-time Quote.0.73%
ANHEUSER-BUSCH INBEV 53.4 Real-time Quote.-2.64%
ADYEN N.V. 2289.5 Real-time Quote.-2.84%
ENEL S.P.A. 7.78 Delayed Quote.-2.93%
ENGIE 11.252 Real-time Quote.-3.00%
AMADEUS IT GROUP, S.A. 55.24 Delayed Quote.-4.20%
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