European markets face Covid headwind

LONDON — European equities soared higher on Thursday as investors continued to monitor the Covid crisis in the region and political developments in Germany.

The pan-European Stoxx 600 used to be up 0.2% by the end of the morning, more then halving his opening winnings, with utilities rose met 1.4%, while travel and leisure stocks met 1.7% fell.

Investors digest the latest news out of Germany where a new coalition government deal between the Social Democrats, Greens and Free Democrats was announced on Wednesday.

The agreement will see Olaf Scholz, Germany former finance minister, be from Germany new chancellor when Angela Merkel leaves the post in begin December.

European investors remain the acute Covid crisis in the region this week in the midst of rising infections die have led to a handful of countries to introduce new Covid restrictions.

Italy announced Wednesday evening that it will introduce stricter Covid measures and Germany has narrowly avoided another lockdown with the incoming coalition reportedly want to wait of the Covid passport gets tighter rules help to light it up rising cases there. Nevertheless, incoming German leader Olaf Scholz said on Wednesday that vaccinations must take place made obligated for targeted groups.

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overnight stay in Asia-Pacific Markets, shares were mixed as investors on the bank responded of Korean decision are raising policy rate up to 1%. The South Korean Central bank’s decision followed a comparable move by the Reserve Bank of New Zealand on Wednesday.

US markets are closed on Thursday for Thanksgiving and will close early on Friday in An shortened session.

In terms of data, Germany’s third-partyquarter gross domestic product (GDP) grew met 1.7% quarter-on-quarter, fractional below expectatitons, official statistics were released on Thursday.

The German GfK consumer confidence barometer showed that rising inflation and the increase in Covid-19 cases weigh on consumer morale heading into December. The survey fell to -1.6 points from a revised 1.0 in November.

In terms of individual share price movement, Remy Cointreau increased more than 11% to lead the Stoxx 600, to the French drinks group defeat first-half earnings expectations and elevated being full-year outlook.

At the bottom of the European blue chip index, Swedish online gambling company Evolution submerged more than 14% after starting an internal review in accusations of gamble business in forbidden countries.

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