European Shares Gain As US Debt Talks Progress
(RTTNews) - European stocks advanced on Thursday after U.S. President Joe Biden and House Speaker Kevin McCarthy underscored their determination to reach a deal soon.
This helped ease fears of a potential U.S. debt default as a June 1 deadline loomed.
Meanwhile, traders await Bank of England governor Andrew Bailey's testimony to the U.K. parliament Treasury Select Committee, where he will outline to MPs how the MPC sees the prospects for the U.K. economy.
The pan European STOXX 600 rose 0.6 percent to 466.58 after declining 0.2 percent on Wednesday.
The German DAX rallied 1.5 percent, France's CAC 40 added 0.9 percent and the U.K.'s FTSE 100 was up 0.6 percent.
Trading volumes were thin as several markets, including those in the Nordics and Switzerland, remain closed for Ascension Day.
Volkswagen jumped 2.3 percent after the German automaker announced plans to overhaul its core brand to increase efficiency and returns.
Deutsche Bank AG climbed 3.5 percent after reports that the lender will pay $75 million to settle litigation alleging the bank financially benefited from supporting Jeffrey Epstein's sex trafficking scheme.
British luxury fashion brand Burberry soared 5.2 percent after reporting better-than-expected fourth-quarter sales.
EasyJet gained about 1 percent after narrowing its first-half pre-tax loss.
Premier Foods soared 4.5 percent after posting a strong annual profit and raising its dividend payout.
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